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Supe - you also get hit with the decreased value of the property if the market falls.. If you dont sell, you still need to pay that note.. (A lot of folks are about to find this out.)
Even if we move to a flat tax (either income -or- VAT) I see certain goodies not going away. One of them is the deductibility of home mortgage interest.. Maybe it could be capped?
But a political process whereby $1 worth of lobbying buys you $100 in tax breaks/headouts is not good for any economy.
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