Should the mortgage
be phased out?
You should not be
able to deduct interest on your home loan
through federal or
IT HAS BEEN SUGGESTED to phase out the practice of allowing
homeowners to deduct the interest portion of their mortgages
from their income tax.
Supporters of this idea argue that few low- and middle-income
Americans benefit significantly from the mortgage interest deduction
(MID), that it encourages home buyers to take on more mortgage
debt than they can afford and that it channels investment away from
assets such as factories and equipment that contribute more to
growing the economy.
Opponents maintain that it encourages home ownership by
reducing the carrying costs of owning a home, and it makes a real
difference to hardworking middle-class families. They argue that
eliminating this popular tax deduction could threaten recent
progress toward stabilizing the housing market, lower property
values and hurt economic growth.
What do you think?
Stone Ridge, VA
The MID should be
phased out in order to
revenue and to dis-
from taking on more debt than
they can afford.
John A. Thompson
For home mortgages
over one million dollars.
Find out more about this topic on the Web:
The tax deduction is
a big help for people
and money people put
back into our homes
[MID] is about the only
significant tax break
middle income families get.
We need it for the
extra money to manage our budget.