Laura Kusisto

speaker

689 appearances 14 recordings 1 series first heard Jul 2017 last heard Nov 2023

Laura Kusisto’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why the Mortgage Interest Tax Deduction Isn't Untouchable · 17 Oct 2017 podcast

So it takes it from being something that a decent number of middle, upper middle class people would have an incentive to take to being something that only the very wealthy would take. voice-verified

Yeah, I was going to say, I think this is a much better understood aspect of the tax plan and therefore has generated a lot more controversy. voice-verified

But it plays into this as well. voice-verified

If you then, in addition to doubling the standard deduction, eliminate this deduction for state and local property taxes, you have even less incentive for people to itemize, even less incentive for them to take these deductions. voice-verified

And this, interestingly, affects a lot of the really high cost markets like New York and California. voice-verified

But there are also high property tax states like Texas that this could have an impact on. voice-verified

So this is going to be a big part of the fight as well. voice-verified

Yes. voice-verified

I mean, I certainly cannot prognosticate what will happen in Washington, but I would be surprised if that deduction gets entirely eliminated just because of the controversy it's generated. voice-verified

Whereas, yeah, what's going on with the standard deduction is kind of neutral on its face, so you don't have that same outcry. voice-verified

As we say in the story, even the homebuilders and the mortgage bankers have actually said they might be okay with it, and that is a huge shift. voice-verified

Take it with a grain of salt. voice-verified

This is a study that was commissioned by the realtors, but it was done by PricewaterhouseCooper. voice-verified

And it's not out of line with what I've heard other pretty independent economists say, which is that voice-verified

It could drive home prices lower for a couple of different reasons. voice-verified

One, you weaken the incentive for home ownership. voice-verified

It becomes, for a lot of people, kind of neutral as to whether, at least from a tax perspective, as to whether you rent or you buy a home. voice-verified

And then also, this is just baked into home prices. voice-verified

This has been a part of both the American psyche, but also the American tax code for more than 30 years. voice-verified

And so, voice-verified

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