Mortgage Interest Deduction: Should It Be Phased Out?

Well disappointingly, but not suprisingly, the Congressional “Super Committee” failed to come up with a plan to reduce the Federal deficit.

The fact that the deficit needs to be reduced and there were no new proposals on the table of how to go about doing so, got me to thinking about some of the original recommendations from the Simpson-Bowles plan. One of their recommendations was to eliminate certain mortgage interest rate deductions, namely on second homes, equity lines of credit, and mortgages over $500,000.

Costco addressed the phasing out the mortgage interest deduction completely in their November edition of The Costco Connection.

If it were phased out completely would that change your plans to buy? Would it speed up your plans to sell? What if only the Simpson-Bowles recommendation were implemented? Would that change your plans to buy or sell?

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Jennifer Wollmann

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