Time to scrap the mortgage interest deduction | WashingtonExaminer.com.

 

I may change my mind now that we’re buying a house, but really this does make sense.

Allowing individuals to deduct mortgage interest payments drives up taxes on other Americans given the need to recoup the lost revenue, or, alternatively, adds to the deficit. The mortgage interest deduction itself drains $100 billion annually from the U.S. Treasury. When other tax policies meant to encourage home ownership are added — including the deductibility of state and local property taxes and the exemption of capital gains taxes from selling a home — that number rises to $175 billion.

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