If you're middle class, yes, you do. The filthy rich like Gary Cohn don't.
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Cohn's worth at least $250M. If he's ever even used the mortgage deduction, it's not worth much to him.https://www.bloomberg.com/news/articles/2016-12-09/team-trump-s-wealth-soars-past-12-billion-as-cohn-to-be-tapped …
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If this
#TaxReform passes, he's actually one of the few Americans who will be able to use the mortgage deduction. 7 figure homes retain it. -
The irony.
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That's weird, because I did.https://twitter.com/KellyO/status/913476923849920518 …
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Why it's almost as if Gary Cohn is not being totally forthcoming
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It's as if he is rich as shit and has no idea how middle class people afford their lives.
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you'd almost think! that, or he knows and doesn't care as long as he gets his tax cut
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If trump & his cohorts eliminate that mortgage deduction it will have dire consequences for the real estate market! trump benefits!
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To be accurate, mortgage interest ded would still apply *if* you pay over $24,000 in interest. Which means it's another benefit for wealthy.
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It would crash the housing market for the middle class & poor!https://twitter.com/4q2uu/status/913501564337360896 …
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Look at the Blackstone group! They bought 50,000 homes on the cheap!
@TheDemocratshttps://www.wsj.com/articles/wall-street-as-landlord-blackstone-going-public-with-a-10-billion-bet-on-foreclosed-homes-1481020202 … -
Wait and see what they will do to the Caribbean!
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You're right. I'm very afraid they'll do something horrible to poor Americans & their property in Carribean, bc they are sleazy AF
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Dang! Just looking at that purple donut is making me hungry!! Sorry. Off topic! Lol.
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Some are only able to buy because of it. Others are able to buy a little more house because of it. But yes, the middle class relies on it.
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Not only that, but if they lose the mortgage interest deduction, many people may no longer be able to afford the houses they bought.
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Investment strategies that rely on mortgage interest rates being lower than the rate of return on investments will have to be revised.
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