Reuters quotes Will McBride on the mortgage interest deduction

April 16, 2012

Romney's remarks on limiting tax deductions draw fire

WASHINGTON | Mon Apr 16, 2012


Cutting the mortgage deduction for second homes for all income groups could raise about $8 billion a year, according to an estimate by the Tax Policy Center.

Romney's floated proposal, because it would apply to high-earners only, therefore would raise less.

Economists across the spectrum would agree to kill that tax benefit, according Will McBride, an economist with the conservative-leaning Tax Foundation. "Every tax policy organization and economist agrees on that, except the few who are in the pay of the housing lobby," he said.

Congressional Republicans floated a similar idea last year in talks to cut the deficit, but a top Republican aide said it likely would be considered only in the context of broader tax changes.

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