das@ucla-cs.UUCP (06/11/85)
Is anyone familiar enough with the Administration's tax reform proposal to find the flaw in the following trick (or did they miss something)? Situation: You've paid much of the mortgage on your house, and you'd like to buy a second, but under the reform plan, you can't deduct the interest. Solution (courtesy of a friend): Pay for the second home by refinancing your principal residence, and continue deducting the interest you pay.