Tax Reform and Mortgage Interest Deductions

Tax reform has been a hot issue recently and the tax cuts that were enacted during the Bush administration are due to expire at the end of the year. If homeowners no longer have the mortgage interest tax deduction, large numbers of homeowners who are upside down in their property values will consider the loss of the deduction the last straw, and walk away from their homes. If this deduction is replaced by major incentives for home buyers, the economy could be stimulated and more people will own homes.

What do you think?