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Point & Counterpoint: Should The Home Mortgage Interest Deduction Be Reduced?, Deborah Geier, Stuart G. Lazar
Point & Counterpoint: Should The Home Mortgage Interest Deduction Be Reduced?, Deborah Geier, Stuart G. Lazar
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Included among President Bush’s Advisory Panel on Federal Tax Reform’s recommendations were three proposals related to the current home mortgage interest deduction. Instead of a deduction, the panel recommended a flat 15% credit. Instead of the current $1,100,000 mortgage caps, the panel recommended a mortgage cap based on the median regional price of housing. Finally, the panel recommended limiting the deduction to interest paid on only one home and eliminating the deduction for interest on home equity indebtedness.
The Panel Report praises the Tax Reform Act of 1986, albeit with a caveat: “While the 1986 Act was a historic event, …