Unintended Consquences

They have no idea. I hope this doesn't negatively affect Spokane real estate.

clipped from www.inman.com Obama targets homeowner tax breaks Wealthiest families could pay more in 2011 By Matt Carter, Friday, February 27, 2009. Industry groups representing Realtors, home builders and mortgage lenders are up in arms over the Obama administration's proposal to roll back the itemized deduction rate for wealthy taxpayers -- including deductions homeowners can claim on mortgage-interest payments and other expenses associated with homeownership. The rollback of the tax break wouldn't take effect until 2011, and would apply only to families earning more than $250,000 and individuals making $200,000 or more -- less than 4 percent of taxpayers in 2006. But industry industry groups say the change would hurt home sales and prices at a time when homebuyers need incentives, not disincentives, to buy.