By Pete Carey, Posted: 10/12/2012 04:21:11 PM PDT, Updated: 10/12/2012 05:03:23 PM PDT
SAN FRANCISCO — The mortgage interest tax deduction beloved by many Americans is a logical target for raising revenue to deal with growing deficits, a leading housing economist said Friday.
“For fiscal sustainability, we need to get revenue,” said Richard Green, director of the USC Lusk Center for Real Estate. The alternative to shrinking the tax break is raising taxes, he said at a forum on California’s housing market sponsored by the Lusk Center and the online real estate service Zillow.
“My judgment is it’s better to do something about tax expenditures,” Green said. “One of the largest is the home mortgage interest deduction.”
The issue has been a hot button in the presidential campaign, as Democrats challenge Republicans to disclose what tax “loopholes” they would close to pay for their proposed tax cuts.
We are doomed. DOOMED! Once they come for our mortgage deductions, there is no more point to living.