Mike Luckovich published a clever, and all too true, cartoon in the Atlanta Journal-Constitution. It showed Father Time 2007 standing in the doorway of a house with a "Price Reduced" sign out front, explaining to the New Year Baby that he can't leave until his "blankety-blank" house sells.
I read in the SJ Mercury today that the California State Legislature is looking at ways to plug the $14 billion dollar budget deficit without cutting spending. The first place they look is always the $50 billion in tax loopholes. A possible victim might be the various property ownership deductions, but what terrible timing this would be, with the economy so impacted by the subprime situation. If Legislative Analyst Elizabeth Hill has her way, homeowners would no longer be able to deduct mortgage interest off their state personal income taxes...a saving to the state of around $5 million...but what a disincentive that would be to new homeowners in an already hurting housing market!
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