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Reply to "Why Are Tax Brackets Adjusted for Inflation but Not Deductions Like Mortgage Interest? Seems Unfair"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I've never understood why someone should should get to pay less federal income tax because they decided to take a mortgage. [/quote] I'm not a scholar on this but work in housing. I believe it's because it's beneficial for residents to own land. They are more likely to defend it and support it and the infrastructure around it. So, there is an incentive to taking on a mortgage rather than having a few people or the government own land or outside investors.[/quote] Uh sure it's not because the mortgage industry and realtors lobbied Congress to keep the deduction in place to benefit generally wealthier homeowners, when personal interest deductibility generally was removed from the Code in 1986.[/quote]
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