Topic: Mortgage Deduction

A correction was issued regarding the deductibility of mortgage interest and the State and Local Tax (SALT) deduction. While the 2017 tax bill limited SALT deductions to $10,000, mortgage interest remains deductible for loans up to $750,000 according to IRS Publication 936, contradicting a previous claim that the limit was $1 million.

The Harris campaign's proposal to ban corporate price gouging on food is compared to socialist price fixing, with warnings that it could lead to food shortages. The Washington Post published a critique of Harris's $25,000 down-payment assistance for homebuyers, suggesting it would inflate housing prices. A tangent follows regarding rising homeowner insurance rates and a story about a driver's ed instructor arrested after lecturing against insurance company databases.

Adam Curry reports on the collapse of the Dutch housing market driven by new austerity measures from Brussels. The government is ending tax deductions for interest-only mortgages, forcing homeowners to convert to principal-repayment plans. This shift has frozen the market as property values decline and homeowners struggle with increased monthly costs.

Alan Simpson criticizes the home mortgage interest deduction, arguing it primarily benefits the wealthy and should be capped. In a separate story, Nevada City, California, implements a program to issue permits to homeless individuals, allowing them to sleep in public spaces.

The annual "Prince Day" (Prinsjesdag) in the Netherlands featured Queen Beatrix riding in a golden chariot to deliver a budget speech focused on austerity. While the media focused on the pageantry, the government used a potentially manufactured survey from TNS Nipo to claim the public supports reducing mortgage tax deductions. The event is described as a distraction to pacify "slaves" while their financial benefits are stripped away.