Thou Shalt Not Covet, II

The proposed loss of tax deductions on home mortgages for the “rich” will affect everyone’s home values, whether rich or poor. The million dollar homes will lose value as they become more difficult to own, causing all the homes down the line to decrease in value also. So, the ailing housing industry whose woes started the current economic difficulties, will be hit with another deathblow by Obama’s proposals to eliminate tax deductions for all above a set level of income. While the “rich” will lose a tax deduction, every family will lose value in their biggest asset, their home. And the economy will constrict further.