I wish to take exception to Mr. Dohn's recent well-written opinion on tax reform. He made the supposition that eliminating the mortgage interest deduction would hurt seniors, homeowners and cause home prices to drop by 10 percent. I am in favor of repealing this and almost all other tax exemptions for the following reasons. Tax exemptions have consequences due to federal rule No. 1 -- the monster must be fed. If one person saves taxes. another must pay more. How often have we heard elected officials ask how they will pay for some tax cut? Every tax break exists to benefit a special interest and is detrimental to someone else's interest. Refer to Rule No. 1.
If home prices were to drop 10 percent as suggested, would that not help the young or less affluent purchase a home? The Realtors Mr. Dohn quoted are not on my pity list. Encouraging young buyers to max out debt because it is deductible has always been a deplorable sales tactic. Homeownership starts when the last payment is made not when the buyer signs up for 30-plus years of debt and servitude to a bank. Who does the interest deduction best serve, the homeowner or the Realtors and bankers who are pouring money into lobbying efforts to block the repeal?
Only one exemption should be saved. Charitable contributions actually save the government money. Our friends and neighbors with big hearts and open wallets pay for services that otherwise fall to the government. These citizens help lower your taxes. Thank them by leaving this exemption in place. Or prepare to feed the monster.