The GOP Targets America's Most Loved and Hated Tax Break

If there is one part of the tax code that is almost universally excoriated by economists, it is the mortgage interest deduction. Emerging from a 1913 provision that allowed business owners like farmers to deduct any interest they paid on business expenses, the mortgage interest deduction now lets people who buy homes deduct part of the cost of their mortgage on their taxes. According to the Joint Committee on Taxation, it saved Americans $77 billion last year-$77 billion that would otherwise have gone to the government. Liberal groups have long targeted the deduction, arguing that it......(read more)

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