In a recent first tuesday poll, 66% of readers (533) believed the mortgage interest tax deduction (MITD) should be eliminated from the U.S. Tax Code since the MITD:
- only rewards those who purchase a home with a mortgage, and leaves those who pay with cash and renters out of the incentive; and
- serves the interests of lenders who want people to purchase homes with a mortgage, but does little to benefit the long-term solvency of the homeowner.
On the other hand, 34% of voters (274) said the MITD should remain because it:
- helps increase the quality of housing an American family can afford; and
- is responsible for helping families achieve the American Dream.
A few moderate commenters thought the wisest course of action would be to gradually eliminate the MITD over a longer period of time.
For more information regarding the MITD and to vote in the poll, see the August 2011 first tuesday article, Give me homeownership or give me death!