The "mortgage deduction" is merely the only major surviving deduction of a general class that used to be across the board: deduction of interest paid from your income taxes, since someone else is going to pay interest income tax on that interest paid to them by you.
25 years ago our very own "republican" BobDole pushed through a lovely little bill that wiped out such a deduction for all other interest payments; prior to 1985, the interest paid on any loan - cars, credit cards, whatever - was deductible.
It's called the principle of no double taxation. No difficult to understand: why should the government tax the same money twice?
On the contrary, Mr. Carney. Not only should the mortgage deduction be preserved, but the same deduction for all other interest paid should be reinstated, and BobDole's name be struck from the Republican party rolls for ever.
If not, then how 'bout we cancel those taxes I gotta pay on that "interest income" stated on them 1099's?
Better yet, just kill the Marxist inspired income tax. It was never meant to do anything except collateralize the Fed anyway.
“Not only should the mortgage deduction be preserved, but the same deduction for all other interest paid should be reinstated, and BobDole’s name be struck from the Republican party rolls for ever.”
HERE HERE!!!
Excellent point on double taxation!