re: Mortgage Interest Deduction in danger....

quote:

---

I have always wondered why interest paid for a home mortgage is given deductible status.

I, for one, would like to see the mortgage interest deduction phased out over a given time period for existing borrowers.

---

Im a little shocked at your opinion. (I consider you and flask a few of the better posters on the MB). Nonetheless you are entitled to your op.

I for one believe there are many many mortgage's in the 150+ range.
i think any reform to the Mortgage Interest Deduction would be detrimental to the housing market. A market, i remind you thats already been interfered with by artificially lowering mtg rates.

If the powers that be want to do any thing they should scrap the whole tax code and stream line the IRS both done by going to a fair tax based on consumption. JMO

One things for sure "Reforming" the Mortgage Interest deduction and the IRS in general are being used as tools to re distribute wealth. Someone please show me where the US Constitution allows for that.