[lbo-talk] US immiseration

[Matt]

On Wed, Mar 07, 2007 at 11:11:02AM -0800, Jordan Hayes wrote:
> > People have started viewing their houses as gigantic ATMs.
> 
> That's going to start slowing down, now that the IRS has caught on.
> 
> http://www.irs.gov/publications/p936/ar02.html#d0e2092
> 
> Short answer: there's now a limit to how much "home equity" debt you 
> can deduct.  In particular, people who are tapping 'present value 
> equity' (as oposed to paid-in equity) will lose the deductability of 
> such tapping and, hopefully, will be less likely to incur it in the 
> future.

So much for tax deductible payments on a brand new Maserati!

Matt

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