The 1986 tax reform and the mortgage loophole #finance #taxes #realestate

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Discover how the 1986 Tax Reform Act under Ronald Reagan eliminated credit card interest deductions but kept the mortgage loophole, creating the HELOC boom.

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0:00 — Financial system favors homeowners
0:07 — Pre-1986 tax deductions
0:14 — The Tax Reform Act
0:21 — Personal interest deduction eliminated
0:28 — The mortgage loophole preserved
0:34 — Credit card rates hit 18 percent
0:43 — Mortgage rates at 10 percent
0:50 — Wall Street invents the HELOC
0:56 — Swap bad debt for tax debt
1:04 — HELOC originations explode
1:13 — Middle class housing shift
1:21 — Cost to the US Treasury
1:29 — Who really benefits today
1:35 — Debt consolidation ads explained
1:42 — The 1986 tax code legacy
1:47 — Your home is a bank
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