On 12/5/2010 7:03 AM, Bob Ackley wrote to TIM RICHARDSON:

~> When I talked with her yesterday my sister reminded me that the left in this
~> country
~> is making noises about eliminating the tax deduction for home mortgage
~> interest.

I like the general idea, as long as existing mortgages are grandfathered
in.  That is just one of the many tax deductions and tax credits that
should be taken out of the realm of taxes entirely.  Marginal income tax
rates are higher than they need to be, in part because every other tax
payer has to pay more to offset all the deductions and credits that some
receive.  I don't think Congress should be spending over a hundred billion
a year to help people pay for their houses, but if it wants to do such a
thing it should do it directly and vote for the necessary appropriations
instead of hiding the spending inside the tax code.

But pragmatically, I don't think it will happen.  Too many voters see the
subsidy to them, and too few see the cost.
 
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