Will mortgage deduction remain sacred? GOP candidates float changes

[WestVirginiaRebel]

Fox News:

When it comes to tax perks, the mortgage interest deduction is the third rail -- typically, no one wants to touch it.

 

But Republican presidential candidate Ben Carson is doing the politically unthinkable and openly talking about getting rid of homeowners' favorite tax favor. And a handful of other candidates are at least talking about making tweaks to the system.

 

“No exceptions, no shelters, no loopholes,” Carson told South Carolina Tea Party activists on Monday, touting his 14.9 percent flat tax plan.

 

The tough tax debate on the 2016 campaign trail shows that sacred cow deductions are at least on the table. At the same time, analysts suggest any major changes to the system remain a long way off.

 

The Republican candidates’ tax plans generally aim to simplify the code, lower rates and strip down deductions. But Carson is largely out on his own calling for a complete elimination of the homeowner benefit.

 

Even as his poll numbers fall, he doubled down on the idea at last week's Fox Business Network debate.

 

“There are a lot of people who say, if you get rid of the deductions, you ruin the American dream, because, you know, the mortgage interest deduction. But the fact of the matter is, people had homes before,” Carson said.

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We also had outhouses and horses and buggies back then, too...