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BubbleWatch™: Tax Reform Poised to Spoil the Party

Our apologies if this has already been forwarded to your inbox 2.4 million times, but the Times printed a doomsday tax-reform piece yesterday about a potential home-price cliff in the distance that surely had a boatload of people canceling their Cato Institute memberships and thanking the dear Almighty for indirect government subsidies. Generally confused by tax issues? Read this small paragraph and know the meaning of fear:

But for millions of homeowners, what no doubt matters most about the plan is how it affects their bottom line. And for many of them, especially those living in houses in expensive markets in California and the Northeast, the answer is clear: If it becomes law, the value of their homes will almost certainly fall.
A quivering reader murmurs: "Does this realistically have a shot at passing? We are doomed."
· Goodbye, My Sweet Deduction [NYT]
· BubbleWatch: Meta-Bubble Edition [Curbed]