REALTORs and mortgage folks will hate me for this, but
this article (Reason writer Anthony Randazzo) gets some facts straight, about the Mortgage Interest Deduction. Dare I say, it is time to get rid of it? As a realist and a supporter of the Simpson/Bowles framework, this is a break I'd be willing to give up to help balance the budget:
"When considering the actual tax savings of the mortgage interest deduction, the benefits to the middle class become even more meager. The average tax savings for households with income between $40,000 and $75,000 is just $152 a year. That's $12.66 a month. Compare that to the highest earners, those making $200,000 or more, who see an average of $1,862 a year off their tax bills because of the MID benefit."
REALTORs and mortgage folks will hate me for this, but this article (Reason writer Anthony Randazzo) gets some facts straight, about the Mortgage Interest Deduction. Dare I say, it is time to get rid of it? As a realist and a supporter of the Simpson/Bowles framework, this is a break I'd be willing to give up to help balance the budget: