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GOP scaling back the mortgage interest deduction hits the Californians hardests
- orangecat 9y agoAmusing to see Democrats coming out in support of tax breaks for the wealthy. The mortgage interest deduction is bad economics and bad social policy. It effectively gives rich people extra money to outbid the less rich, driving up housing prices for everyone. The housing industry strongly opposes efforts to place new restrictions on the deduction, arguing that would lead to lower housing prices This reminds me of an old SNL news segment about a proposed weakening of privacy regulations: "Opponents of the change claim that it will allow companies to invade people's privacy, while supporters say that it will allow them to invade people's privacy".