Work It Out
Chapter 36 (Chapter 17 Macro)
TABLE OF CONTENTS
Question 1 of 1
Step 1
Work It Out
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Under current law, homeowners get a big tax break by deducting their mortgage interest. The details of the tax break really don’t matter as much as the mere fact that if you make mortgage payments on a home that you live in, your taxes will be lower than otherwise
Suppose that Congress eliminated the tax break for homeowners. What will this change in tax law do to the demand for homes?
What will be the net effect of eliminating the tax break on the price of houses?
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