Simply Politics & News

[Mariner*]

The Republican Tax Plan Is a Recession Waiting to Happen

"Then, of course, comes the higher cost of home ownership. For most Americans, their home is their single largest and most valuable asset. When its value goes up, homeowners feel wealthier and traditionally spend more. When the value goes down, they feel poorer and their wallets snap shut. Lower consumer confidence and spending can easily push our economy into a recession. Once upon a time, homeownership was considered the pillar of the American Dream. Presidents have routinely preached the value of homeownership. Not Trump. With caps on the deductions for mortgage interest and on the deductibility of state and local taxes, the cost of owning a home will rise and the value of a home will fall. And that is a recipe for a recession".

https://www.vanityfair.com/news/2017/12/the-republican-tax-plan-is-a-recession-waiting-to-happen