Hewitt: Deductions Worth Defending
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In a recent interchange on my radio show, Speaker Paul Ryan declined to debate with me the merits of eliminating or capping the tax deduction on home-mortgage interest. He did it with a chuckle, noting that he and I had crossed verbal swords on this subject many times. I point it out because some key GOP voices don’t seem to hear what defenders of that deduction are saying. Nor do they seem aware of why other deductions—like those charitable contributions—mean so much. In Trump country there is a great attachment to these deductions, and there will be great hostility to any move to eliminate or even cap any of them. Capping the mortgage interest deduction would hurt every homeowner—even those whose interest payments fall below the cap—because housing is one market, and by reducing the value of the most expensive homes, you reduce the value of every home. I don’t want to see Republicans squander another chance to realign politics. To that end: They should not touch the deductions on mortgage interest and on charitable giving.
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