Look, I don’t deny that it is a subsidy, clearly it is.
The drop in housing prices is a very recent turn of events, but people are not walking away from their houses because the houses have lost value. They are walking away because they can’t pay their mortgages, or at least most are doing it for this reason.
That is part of what is causing the value of the homes to drop, too much supply, not the other way around.
Take away the interest deduction and see what happens to mortgage payments at that point.
You say it will depress the price “slightly” but I think it will bring the market completely to a halt.
But maybe like Obama you want to put “fairness” ahead of everything else.
I don’t want to pay any more taxes. I think I pay enough taxes right now. And I’ve been paying them for a long damn time and I anticipate continuing to pay them for several decades. But I’m exceedingly tired of having my money spent to provide for overpaid gov’t workers and ne’re do wells. Now we are expected to provide 3 meals a day to school children in addtion to the foodstamps their families already get in addition to the sec. 8 housing SUBSIDY their families get in addition to the free cells phones their families get, etc. etc. etc.
Call me greedy, stupid, a racist, anti-military, un-American, I don’t really care. I’ve had it. I don’t want to give the gov’t any more money under any scheme or plan. I don’t want to SUBSIDIZE them any further. Not one penny more.
Come up with whatever plan you like, if it’s going to cost me more money, I’m against it.
Anybody who wants to give the Feds more money, send them a check, they’ll be happy to get it.
The fact of the matter is, we got here with special-interest subsidies, and "here" is the complete and total collapse of the financial system. The longer we put it off, the worse it is going to be.
I certainly wouldn't want to take away any of your favorite special-interest subsidies, and I am sure you wouldn't want to take away anybody else's in the interest of "fairness," so lets just wait for the bleeding SOB to explode in our faces.
I am certain you deserve it.
I'm willing to make whatever sacrifices of free government stuff required, so I'm not so sure about me.