Mortgage Interest Deduction is 'Vulnerable' - Shiller
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Is the sacred cow of mortgage interest deduction in danger? Yes, according to housing expert Robert Shiller.
Mr. Shiller, the Case-Shiller Index co-author, told Fox Business Network (FBN) Tuesday that the mortgage interest deduction looks vulnerable and might be rescinded for the higher income earners.
"Well, I don't know about the near term, but it looks vulnerable to me, at least for higher income people or higher priced homes - they're going to be looking everywhere to raise tax revenue and that seems to me like a likely place," Shiller said.
If true, this would create an outrage as mortgage interest deduction are one of the supporting reasons to own and finance a house. It could hit the housing market hard, Shiller said.
"Well, a lot of people don't even take the deductions, so it's not as big as you might think, but it would be a hit on the housing market - how could it not be, it's taking money out on people who invest in homes," he said.
Mr. Shiller, the Case-Shiller Index co-author, told Fox Business Network (FBN) Tuesday that the mortgage interest deduction looks vulnerable and might be rescinded for the higher income earners.
"Well, I don't know about the near term, but it looks vulnerable to me, at least for higher income people or higher priced homes - they're going to be looking everywhere to raise tax revenue and that seems to me like a likely place," Shiller said.
If true, this would create an outrage as mortgage interest deduction are one of the supporting reasons to own and finance a house. It could hit the housing market hard, Shiller said.
"Well, a lot of people don't even take the deductions, so it's not as big as you might think, but it would be a hit on the housing market - how could it not be, it's taking money out on people who invest in homes," he said.
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