Does anyone else think that decreasing the deduction from 1 million to 500,000 would tank the economy? Can't imagine that not messing everything up if it was done instantly.
So many folks are strrrretching to pay that high end mortgage and to have the axe drop on deducting the interest on up to $500,000 would cause a lot of folks to stop spending. People probably don't depend on receiving an EV tax credit in the same way that they depend on being able to deduct that interest.
My thought is they'll have to really phase it slowly.... even if it clearly makes sense in the long run.
Is it just me or are these tax ideas impacting the middle class and lower upperclass folks without asking anything of the super wealthy? That's mind blowing to me. Off topic, yes, but mind blowing nonetheless. What the hell happened to moderates?