Trick or Treat and the Mortgage Interest Deduction

Trick or Treat and the Mortgage Interest Deduction

Just in time for Halloween, the Obama Administration is leaking that there are some scary things going on in its deficit commission. The commission is due to come out in a few weeks with its recommendations for confronting the impending bankruptcy of the United States.

Lately, it’s been reported that the commission is considering some pretty spooky stuff like slashing child credits and ending the favored tax treatment of employer-provided health care. They’re even considering cutting the house mortgage interest deduction. What? They can’t do that! Isn’t the mortgage interest deduction in the Constitution?

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Actually, considering the new reality it will probably face in January, the Obama Administration should embrace tax reform. History teaches that there is bipartisan opportunity here for it to work with its new Republican friends coming to town. Tax reform would provide the President with a great leadership opportunity.

Republicans, too, benefit from doing something about our crumbling tax system. They can say they came to Washington and actually got something done. Because if they are coming to Washington to be RINOs the next tea party will be really ugly.

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View TaxAnalysts' Christopher Bergin's opinion in its entirety on TAX.com

 

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