Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Budgeting and Taxes

Eliminate Mortgage Interest & Real Estate Tax Deductions?

Friday, February 22, 2013 - 9:42 PM
From Scott Burns:

     They are the most treasured of all the sacred cows in taxation.
     Threaten them and you will be reviled. Mention that they are
     becoming irrelevant and your sanity will be questioned.

     Yes, I’m talking about home mortgage interest and real estate
     taxes as beloved itemized deductions. I’m also saying that it
     is time for them to go.

     I’m serious. Please bear with me for a few minutes before
     throwing the rotten tomatoes.

     ...The mortgage and real estate tax deductions have become perverse
     incentives.

     While tax breaks in high cost areas allow some upper middle income
     households to own houses, the tax breaks have nothing to do with what
     Congress originally intended, which was to increase the rate of home
     ownership for the middle class.

Read more

My guess is that Scott gets pummeled with rotten tomatoes.
5
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
Reply