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Explain tax deduction that should be eliminated

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Reference no: EM131790219

For many years there has been a discussion of getting rid of the mortgage interest deduction. Some argue that this deduction favors the upper middle class and it favors homeowners. Lower income taxpayers are either renters or do not own expensive homes that result in the mortgage interest deduction that is greater than the standard deduction. Do you think the mortgage interest deduction favors one income class over another? Should renters also receive some tax deduction? If you think we should keep the mortgage interest deduction, can you think of another tax deduction that should be eliminated?

Reference no: EM131790219

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