Wednesday, October 19, 2005

Proposed Tax Reform Act

A bi-partisan commission has been formed to help bring in more tax revenues to off-set our growing budget problems. One of their ideas is to revamp the once "sacred cow" of mortgage interest deductions.

Should this proposed Federal Tax Reform Act pass it could have a negative effect on the high-end side of the Boston Real Estate market. Basically, what the proposed Tax Reform Act states, is that it would reduce the size of the mortgage on which interest can be deducted from 1,000,000.00 down to $350,000.00. As you are well aware, most single family homes in Ma. far exceed $350,000.00 and the Commonwealth will feel the impact of this bill more so then in other parts of the country.

Presently, the million dollar homes being sold are the underpinning of our booming housing market, but this proposal could slow down sales for these homes if this Tax Reform Act is passed. This could be another shoe dropping in an area noted already for the high cost of living. For most tax payers, the write off on their home is the single largest tax deduction and reducing the deduction would only deepen the housing affordability issue here in New England. In addtion, it would take millions of dollars out of our local economy which would impact not only housing but retail ect.........


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