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Removing the mortgage interest deduction is the third rail of politics. Until most people are renters, I realistically don't see it ever going away, and is one
by ProfessorLayton 9y ago
Removing the mortgage interest deduction is the third rail of politics. Until most people are renters, I realistically don't see it ever going away, and is one of the few major benefits widely available [1] to the middle class.
The US is still reeling from a strong racial divide, particularly in regards to homeownership. As stated in the article, banks would literally redline neighborhoods that weren't white enough as late as the 80s [2]. But it was worse than that, my parent's house (Built in the 40s) in the East Bay came with old covenant documentation stating that no POC were allowed to live in the home unless they were servants! Thats how bad it was in some areas as prosperous as the Bay Area, and we're still feeling its effects.
[1] https://www.census.gov/housing/hvs/files/currenthvspress.pdf https://www.census.gov/housing/hvs/files/currenthvspress.pdf
[2] https://en.wikipedia.org/wiki/Redlining https://en.wikipedia.org/wiki/Redlining
- jjt-yn_t 9y agoeh, until most young people who bear the brunt of not being able to save by home ownership also are politically represented wholesomely in some manner... [ not negating your statement... ]
- smileysteve 9y agoIt can however, be implicitly reduced. The rumours of the trump plan include doubling the standard deduction and removing the state tax deduction. Minus other major itemized deductions, this will reduce the MID usage.