Leave it ALONE !
I am constantly amazed by the diversity of the opponents of the mortgage interest deduction. From the alleged financial whiz kids at the Economist to a litany of power broker pundits primarily on the Left and a few on the Right too there is steady call for its elimination.
People seem to want folks to believe its elimination would provide fairer taxation,increased revenue and some magical leveling of the economic field ala inequality.
I find all of this to be laughable and firmly believe the only leveling that would occur is the flat lining of what is left of the true middle class in the United States. It would cement a long term spell of wage stagnation,wealth disparity and eliminate in no small manner the one economic tool for folks to better their next generation. Don’t get me started on the truth that an ownership society is the superior model for a functioning democracy.
I think talk about eliminating this deduction is dangerous and cloaked in dishonesty. Any increase in revenue would surely be lost in the bevy of other credits and set asides the government would pony up to avoid civil war. That’s not hyperbole. If you make every citizen of the USA a renter you better believe a conflagration is coming.
The political elites in America truly believe their lessors are best controlled by making them lessees. This cannot stand! Leave the deduction ALONE!