One Really Bad Proposal

The news has been really scary for the last several days. In Washington they have been looking for ways to decrease the looming deficits. One really bad idea is to abolish the tax deduction for home mortgage interest. This would be a terrible assault on the middle class. It would have the following effects.

• It would increase the tax burden on middle class families.
• It would make home ownership less affordable.
• It would decrease demand for existing homes.
• It would inhibit future gains in the value of our homes.
• It would further shift housing toward rentals.

This would concentrate more of America's wealth in the hands of large investors and institutions. I believe that home ownership has deep cultural effects. Children raised in the family home learn different values than those who grow up in rental and public housing. Home ownership teaches personal responsibility. When problems arise you can't call someone else to solve your problem.

Owning property was the driving force in the creation of our country. People left their homes and immigrated to this continent for the opportunity to own real estate and succeed. Today America is still viewed as a land of opportunity. Any thing that makes it more difficult to own your own home and control your destiny is misguided.

I and others are making a call to action. We need to tell our congressmen and senators to keep the home mortgage interest deductions. Please join the effort. Call or email their offices.

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