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Fair is foul and foul is fair, so let's kill the mortgage deduction
Shakespeare described the future tactics of our political leaders with the Weird Sisters' chant.  In its never ending quest for something deceptively called fairness, members of the Washington gang of 535 plus one often speak of tax reform.  They say they want to increase revenue by cutting taxes and blah, blah, blah.
They often speak of "eliminating loopholes" while doing their fairness dance.  Sometimes they mention that one of those loopholes is deductible mortgage interest expense.  What is missing from their discussion, at least in public, is that each exception to the tax code was put there to benefit the nation and/or the economy.  There may be some obsolete items, but those are least likely to be significant revenue drains.
Then there's the mortgage deduction, useless to most skin of their teeth first time home buyers and to those who have paid down their mortgage debt.  The banking industry loves the deduction, and one of their lobbyists, the NAR, also loves it.  Without it, some buyers could not afford the same level of debt that they want to take on.  Its cost to the government could be used much more effectively with another strategy to truly encourage home ownership.
The purpose ... more

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