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Letters: The mortgage interest deduction's future

December 12, 2012

Re "Mortgage deduction may change," Dec. 10

I have been a Realtor since 1985 and a California homeowner since 1961. I am convinced that a majority of home buyers have considered their mortgage interest deduction as a federally sponsored incentive for homeownership.

Let's consider limiting that deduction to $50,000 on a primary residence. This change would impact only those who can afford a mortgage that has an annual interest payment in excess of $50,000.

The Republicans who call for boosting tax revenue by closing loopholes rarely identify a single loophole they would like to close. The mortgage interest deduction is not a loophole; those are reserved for the very rich, the kind who stash money in foreign bank accounts.

Sol Taylor

Sherman Oaks

Although I have benefited from the mortgage interest deduction, in my heart I have always known it is an unfair subsidy to homeowners. Renters get a paltry one-size-fits-all tax credit, while homeowners like me save thousands, inflating our homes' values and in the big picture misallocating our economy's capital.

I am all for eliminating the deduction over a 10-year phase-out period. It is simply the right thing to do.

Randy Kirk

Hermosa Beach

I have not read any conversation that mentions the huge reduction in long-term home interest rates in the last two years. This would seem to have had a great impact on the mortgage payment, which could offset the modification of the deduction.

Marc Scott

Los Angeles


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