I honestly don’t think it will be repealed anytime soon…The reason being is that if you believe politicians care more about their own jobs and livelihood and they will sell their 1st born down the river if it will enrich their situation, doing this isn’t very popular among the voting public and gets the legislature very little.
If they did this, they would be voted out of office with the new candidate running to put this back in place…
Yes, economists all harp about how it’s not good, it skews the market, etc etc etc, but at the end of the day, people do what’s in their own best interests and self preservation.
I have read some proposals where they will simply up the standard deduction to say 25-30k so pretty much everyone who takes the mortgage deduction would get more with that new plan. This also solves the issue of really poor people not paying any tax as well and this may work, but obviously, they are going to have to take the money from somewhere else and that’s where you’ll see another fight and lobbyist.
I recommend having your hands and money in everything and based on tax laws, just play along and minimize tax every year based on who’s in govment and the “current” tax policy…
