Opinion

The mortgage 'subsidy'

Posted September 06, 2023 1:00 am

Ronald Hameetman fails to recognize that there already is a mortgage forgiveness program. It's more commonly known as the mortgage interest tax deduction and has been in place since early in the 20th century.

Tax savings from the deduction can be used to repay the mortgage. The Brookings Institution says that "the mortgage interest deduction has been expensive, reducing federal revenues by about $60 billion a year before the tax overhaul. That figure is now down to around $30 billion."

Why should renters have to pay higher taxes to make up for this shortfall in payments by residential mortgage holders? We don't need to feel sorry for special selected groups such as homeowners. Anyone who has claimed the mortgage interest deduction (including me) has benefited from subsidized housing. Has that polluted American values?

Barbara MacKenzie

Mount Prospect

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