Tuesday, February 24, 2009

The sacred cow of public policy

As I've said before, I'm pretty solidly against the home mortgage interest rate deduction. However, I thought it was about as entrenched as our silly farm subsidies and thought it would never go away. Then I read this, "Killing (or Maiming) A Sacred Cow: Mortgage Interest Deductions." Apparently, another optimistic fellow argues that this too can be up for debate.
The Great Depression provided an opportunity to rethink old policies in a major way. In the current morass, everything should, once again, be open for debate. One sacred cow that has long been in need of a good stockyard is the home mortgage interest deduction. So, in the spirit of libertarian progressivism, I suggest gradually reducing the upper limit on the deduction to loans of up to $300,000, and then refunding the tax revenues in a more productive manner.
Hizzah for a tax reduction in lieu of the convoluted MID!

Hat tip: John

No comments: