Think Tank Recommends Reducing Mortgage Interest Deduction

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Posted To: MND NewsWire

The Brookings Institution has published two articles on tax reform, one of which should be of particular interest to MND readers. The two briefs are part of the progressive think tank's Remaking Federalism/Renewing the Economy series. One calls on Congress to make permanent and expand the critical research and experimentation (R&E) tax credit; the second recommends curtailing "the massive mortgage interest deduction." The time has come, Brookings says, to reform the mortgage interest deduction (MID) which "continues to grow exponentially, subsidizes excessive housing consumption, and diverts substantial resources from more productive pursuits." The article's author Bruce Katz says that reforming MID "offers an opportunity for the federal government to realize hundreds of billions of dollars...(read more)

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Source: www.mortgagenewsdaily.com

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