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RYAN: This -- VICE PRESIDENT BIDEN: -- their mortgage deduction impacted?
Britain phased out the mortgage deduction it used to have.
This would put the bill squarely in the same legal box as the home mortgage deduction.
Then there are the tax implications of losing the mortgage deduction.
The home mortgage deduction is one of the most widely used and expensive tax subsidies.
Interestingly, despite its concentrated effect, various surveys have shown broad public support for the mortgage deduction.
Or, Mr. Howard says, the home mortgage deduction may encourage purchases of enormous houses.
They buy bigger homes, so they get a larger mortgage deduction.
He said he wished that he could have imposed a wealth tax or abolish, rather than reduce, the mortgage deduction.
With several forms of government subsidy also supporting housing, it's hard to single out the effect of the mortgage deduction.
Taxpayers who benefit the most from the mortgage deduction tend to be concentrated in high-cost metropolitan areas.
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