Heretic Reality: Mortgage Interest Deduction Needs To Be Slashed

As Congress gears up for a fierce battle on budget issues, it should fundamentally rethink the tax deduction for interest paid on home mortgages. The mortgage interest deduction (MID) is a huge budget item -- almost $100 billion per year in federal taxes foregone.  But in order to even start the discussion, Congress has to dispel two great myths about home ownership in the U.S.  The first is that the MID promotes home ownership; the second is that its primary benefit is to the middle class.  Both are false.

Source: http://blogs.forbes.com/greatspeculations/2011/03/25/heretic-reality-mortgage-interest-deduction-needs-to-be-slashed/

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