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I've been talking taxes today a one area of the economy that is still struggling as -- housing market.
Current policy has been to help struggling homeowner so why does the deficit commission trying to change all that assess -- ran from.
-- real people were talking about here is a wanna -- taxes and a little bit but this specifically is.
The -- the mortgage interest deduction right there actually bringing that that this ceiling down so few people be able to take advantage of.
Right it in the short term it's obviously not helping them and over the last couple years it's all been about helping troubled homeowners.
And now all of a sudden they're -- increase taxes on troubled homeowners that have big mortgages so there's.
There's a flailing going on with respect to government policy and housing.
If you think about what's happening on the -- to -- the hardest hit markets around the country in foreclosure crisis our Southern California Arizona Nevada -- Southern Florida and there's a lot of people who the last thing they need right now is an increase in their taxes with respect to the -- is not gonna help.
OK but the higher income people already seeing limitations on the amount to conduct anyway because your itemized deductions are limited by your -- totaled just -- -- so there's that angle and not get the full amount.
Many of them have refinanced down -- their industry is much slower so -- -- therefore is much smaller than it ever was because -- on -- came forward and change percent on it.
It has no impact on the housing market long term or my midterm oh yeah he's I'm fine how are going to be very big deal about this.
For not been an might be something we got a -- -- somewhere and might not be terrible place to start.
I think the big deal was being made obviously the industry makes a big deal because they don't wanna see anything affect access the back pocket but.
The idea that.
For the better part of last ten years we've had one government interference after another.
And they took Fannie Mae Freddie Mac and turned them into loan companies that -- loans that they knew were -- to be -- Now there.
Restricting lenders from four closing up properties they're trying to stop mortgage -- -- Hundred reduced pain on people with high mortgage payments with mortgage modifications.
And the impact is -- increasing.
Mortgage defaults by encouraging people stop making the payments so we hate seeing -- flailing it's like if you don't get it if you don't know what you're doing just don't do anything please because.
The housing market is like the tide that can be a hurricane on the surface -- -- change that.
Act that was the prices finally bottom out in the economy turns around the market recovers.
Says so the question becomes this the tax cuts that we've got now market we're gonna get it looks like.
Does it help does it hurt what kind of time.
The tax rates being extended absolutely I think it when it comes to real estate I'm talking about entrepreneurship overall I think -- -- place right now where.
I feel a sense of optimism I'm getting if people who run midsize businesses -- only -- and helps I think that helps net net helps them not.
The uncertainty of the taxes going up was part of an overall uncertainty of what are they gonna do next you know we've had a target on our back for the last couple years -- you've got a distinct impression that if you're a prosperous business owner.
You were resented by the people in power and -- -- on the leash back in November had that yanking -- the sense that we actually took control the government and this is our First Act.
As our First -- in power was to extend the tax cuts the sense but I'll make it a call for business owners out there.
If you have money in the sidelines put it to work because we'd like to be able to show.
Are the ones that that create you know growth always good to get your take on good to -- Greg thank you can do.
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