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Old 09-21-2012, 04:36 PM   #9
Baby Lee Baby Lee is online now
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Originally Posted by Literature View Post
Would it be better to get rid of the mortgage interest deduction and replace it with a lowered rate deduction?
While I don't like social engineering through the tax code, immediate cessation of mortgage deductions fall pretty far down the list of what to enact.

First and foremost is the concept of settled expectations. Mortgage holders are in the midst of 10-20-30 year investments, for many the biggest investment they have, based on the settled expectation that a portion of that investment would be deducted from their tax liability.

Secondarily, engineering the attractiveness of home ownership is one of the more beneficial of those baked into the code. One's family home is a primary connection to the community. If we made ownership less attractive and started funneling the population back into a renters society, I see big problems that eclipse the Occupy Movement when people realize a generation from now that 'the 1%' don't just own Wall Street and Big Business, but the very place we lay our heads each night.
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