Page 21 - Second Homes News Today : Breaking News, Live Updates & Top Stories | Vimarsana

To be in the middle because they're starting from these positions. i have a feeling that when a deal is done -- and i think one will get done, barnicle, i know you're a pessimist, i'm an optimist -- they're going to raise that $250,000. that will be a gift to the republicans. and then maybe we'll see reducing mortgage interest deductions from $1 million, which is how much you can deduct now, to $750,000. it will be somewhere in the middle between those two things. >> second homes, and there's a lot of running room there, you're right. i think one of the problems here is that you don't have rel...

Out of your 401(k), it's taxed as income. i.r.a., this is where folks save outside post-tax money into retirement savings. you may lose the tax deduction there. that will definitely hit the top percent of americans, and that's a concern because it's a lot of small business owners. >> let's talk about the other immensely popular deduction, and this is the mortgage deduction. >> this is a heated one. this is very heated. here's the thing. if you're looking at your interest that you're paying, up to a million dollars of that is deductible. second homes, the interest is deductible. home equity loa...

Closure, let the market bottom out. second home buyers are not -- are paying with cash, they're not affected necessarily by the deductions and i don't think it will affect the market. to do so on your average buyer i think would be troublesome. until the market steadies out we need mortgage deductions for the middle class. for the wealthy paying cash, it's fine. >> wayne, half of -- half of second homes last year were paid in cash. >> yeah, but you couldn't be more wrong. of course it's going to hurt the housing market. anything you do like that will hurt. you're saying rich people don't maybe...

Earners. essentially, keeping it that deduction for most people. greg rand, the ceo of own america. what do you make of this? specifically, the mortgage bit here? where he may take away from high-income earners, the mortgage deduction on second homes. what do you say? >> i'm relieved. it's the first time we heard anybody talk about the mortgage tax deduction where they weren't talking about taking it away fresh. i see him throw the ball to moderate and liberals saying we're not just giving the rich fat cats a free ride but we're saying that he is leaving from 90-plus percent of the home purcha...