[MCN] US tax/budget plan could nudge affordable housing a little closer

[Lance Olsen]

The Economist 
Democracy in America <https://www.economist.com/blogs/democracyinamerica> Nov 2nd 2017

by H.C. | WASHINGTON, DC

1st 2 paragraphs [bold added] A DEBATE has raged this year about whether the Republican effort on taxes should be described as “tax reform”—which implies improving efficiency and fairness–or just “tax cuts”. 

Parts of the tax bill released, at long last, by House Republicans on November 2nd are worthy of the first title. The tax bill aggressively takes on deductions in the individual income tax code, and channels the proceeds towards across-the-board cuts in income tax.  Unfortunately, that good work is undone by expensive giveaways to the owners of firms, and unnecessary windfalls to the heirs of the rich. As a result, the bill would saddle the economy with more debt, and could end up being a drag on growth.

Start with the good stuff. Republicans want to mostly scrap the state and local deduction, an unwarranted federal subsidy for states that levy high taxes (see article). <https://www.economist.com/news/united-states/21730909-scrapping-state-and-local-tax-deduction-will-be-difficult-it-good> Displaying an admirable willingness to go after even popular tax breaks, they would curtail the deduction for mortgage interest payments, which flows mostly to the rich and distorts the economy towards housing. The deduction would be limited to $500,000 of mortgage borrowing, down from $1m today

Full article
https://www.economist.com/blogs/democracyinamerica/2017/11/bill-two-halves <https://www.economist.com/blogs/democracyinamerica/2017/11/bill-two-halves>

As of now, the tax deduction for interest payments would remain in place for existing mortgages for high-end housing. All that, at least as I’ve seen it reported, would be grandfathered in. It’s any effect toward more affordable housing policy would affect only new mortgages, for less extravagant housing. Lance

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"All organisms live within a limited range of body temperatures."

Hans O. Pörtner and Anthony P. Farrell. Physiology and Climate Change. 
SCIENCE 31 OCTOBER 2008
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“  … organisms have a physiological response to temperature, and these responses have important consequences."

Anthony I. Dell, Samraat Pawar and Van M. Savage, Temperature dependence of trophic interactions are driven by asymmetry of species responses and foraging strategy.
Journal of Animal Ecology 2013
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“Climate change impacts have now been documented across every ecosystem on Earth, despite an average warming of only ~1°C so far."

Scheffers et al. The broad footprint of climate change from genes to biomes to people. 
Science, 11 NOVEMBER 2016

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