White House targeting mortgage deduction
This autumn, the president convened a tax advisory board, who under the auspices of devising simpler and fairer tax laws, were poised to further damage the housing market by suggesting a reduction of the mortgage-interest deduction. The ill-conceived tax proposal could rival the devastation resulting from a large-magnitude earthquake in our valley.
The proposal is a subliminal tax increase levied on the backs of the middle-class homeowner disguised as a fair reapportionment of tax liabilities. Surely this decision would purge investments from the real-estate market and channel them into the stock market; an act that would mimic previous (failed) efforts by President Bush (with Alan Greenspan’s approval) to divert funds from Social Security accounts into the stock market.