I've argued for years that the Mortgage deduction was simply the wrong way to go about providing "affordable housing." Affordable McMansions, maybe. But at an unaffordable cost to the economy.
Instapundit.com
If you make it worth no more than, say, 30 percent of the mortgage payment (which must be kept up) and cap it at, say, $2,400 a year. Then let people choose which they want to use.
But it should, in the future, apply to saving for a down payment.
Instapundit.com
Yes, why not turn the mortgage interest tax-deduction into a refundable credit for a couple of years. Surely that would drastically reduce the default rate, wouldn't it?
If you make it worth no more than, say, 30 percent of the mortgage payment (which must be kept up) and cap it at, say, $2,400 a year. Then let people choose which they want to use.
But it should, in the future, apply to saving for a down payment.
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