In response to:

Time to Get Rid of Tax Preferences for Housing in the Internal Revenue Code

kenneth416 Wrote: Dec 21, 2012 11:33 AM
A reasonable explanation by Mr. Mitchell as to why eliminating the deduction for home mortgage interest would not be harmful, on the whole, to either taxpayers or the housing industry. I would go further and eliminate ALL deductions, subsidies, and credits. Then, a new definition of income needs to be made--this would include food stamps, subsidized housing, welfare, free cell-phones, etc. Then, a unified exemption/deduction equal to the poverty level for a specific sized household would be subtracted from gross income, with the remainder being taxed. Mr. Mitchell would prefer a "flat rate," while I could tolerate a moderately progressive rate structure. Either way, we could raise the same tax with lower rates.

Even though I knew some people would call me Scrooge, I wrote a few days ago about why we should get rid of the tax deduction for charitable contributions in exchange for lower tax rates.

Simply stated, I’m a big advocate of fundamental tax reform, and I would like to scrap the corrupt internal revenue code and replace it with a simple and fair flat tax.

Needless to say, that also means getting rid of tax preferences for housing. I make the case against...