Home mortgage interest deduction - keep it or toss it?
One of the most popular and beloved deductions among Americans has to be the mortgage deduction. According to New York Times this deduction is supported by almost 90 percent of the population. Wow, the last time this many Americans agreed together probably involved American Idol. Yet with debt ceiling negotiations hitting a fever pitch there is a strong possibility that this popular deduction might be slashed or removed entirely. The popularity of the deduction especially among middle-class Americans is something of a mystery considering that a vast majority of the people who benefit from the deduction are considered to be top earners (those making over 75k), although your definition of "top earner" may vary. Wealthier people certainly stand to gain more from this deduction due to a simple reality, wealthier people tend to have more money to purchase homes. Those claiming the deduction is portrayed neatly within the NYT article. In true NYT spirit the article rail