WSJ take on the Housing tax breaks

“Though the debate on tax reform is only
beginning, the housing industry already can declare
victory.

This month, President Bush
appointed two former senators to head an advisory panel to propose ways to
simplify the U.S. tax code. The president’s executive order, however, instructed
the panel to recognize the “importance of homeownership” to America — a
reference to the tax deductibility of mortgage interest on home loans.

The story is here and is well worth a read, especially if you
are or plan to be a
homeowner.

The
math seems so simple – the more one spends on a house, the higher the tax
break/incentive. The less expensive the house, the less of a tax break. For
better or worse, the housing market has driven the economy for the past several
years. Thankfully, President Bush and his advisers see the wisdom in not
penalizing those who choose to invest in the housing market.

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