I read this: No matter what Congress decides to do with the deduction, experts agree that any change needs to be done slowly.
“There is an expectation that if Congress just does a little bit today with the deduction,†says Jerry Hanweck, professor of finance in George Mason's School of Management. He noted that when Congress got rid of the ability to deduct interest on consumer loans, “they did it a little bit at a time, and people thought, ‘well that’s not going to be the end of it’ and they cut back in spending, because of losing the tax advantage.â€Â
Read more: Why do some thing getting rid of tax mortgage deduction at a slow rate is a good idea?
