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View Diary: Romney's Plan Would End Mortgage Interest Deduction (131 comments)

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  •  the mortgage deduction (12+ / 0-)

    is of more benefit to wealthier but what we might consider upper middle class folks, than to a family of four earning $50k (ie near the median) but it is really important to all middle class people who want to own homes and to the economy that still benefits from an active housing market (even a stable not inflationary market produces needs for repairs, home improvements, furniture, appliances, etc.).

    Many of the earned income credits, child care deductions, etc. presumable would disappear, hitting lower income to median income families even harder.

    The lack of revenue from the changes will cause greater deficits, meaning greater pressure to cut programs that aid average americans, and the proposed increase in defense spending to 4% of GDP (an insane idea) will see even greater cuts imposed on social spending.   The Bush Great Recession will look like good times compared to the Romney Second Great Depression.

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