Steve Padgett

I am reading an article in the October 25, 2010 Wall Street Journal about the Deficit Commission, an 18 member bipartisan panel created by Obama to weigh changes to help balance the budget by 2015.  They will make recommendations and send legislation to Congress.  Among the things they are discussing, eliminating or reducing the home mortgage interest deduction, the child tax credit, and other popular tax breaks.  Eliminating the home mortgage interest deduction would save the government $1 trillion a year.  We are spending $400 billion a year on outside contractors for the military.  Aren’t there more constructive areas for spending reduction or helping business so that the government would raise their tax collections as more businesses profited?  It just seems a bit of a slap in the face to those working hard and paying their mortgages to even think of increasing their tax  bill in the face of a bad economy where many have lost homes.  How will the real estate industry ever come back without this tax incentive to own a home?  I have yet to talk to one person of any political affiliation that supports reducing or eliminating the home mortgage interest deduction in any way.