Well, after years of raising our taxes through deficit spending, the Bush administration has released a plan to raise our taxes in a variety of other ways. The attack on the mortgage interest deduction is probably the most alarming among them.
I thought the CEO of the National Association of Homebuilders pretty well summed it up: “It’s the biggest tax hike for home owners ever considered. Replacing the mortgage interest deduction would punish millions of home owners, particularly those living in California and other high-cost markets.”
This is all in the name of “simplification” and “closing loopholes,” thus accentuating the fact that “loophole” is another word for freedom.