With the approach of the 2020 election, the talk about the current tax code will start to pick up. Like every election before it and probably every election after it, the 2020 election will feature taxes in some form. One of the most accessible parts of the tax code to change would be the mortgage interest tax deduction. If the deduction was eliminated, then other rates could be lowered.
The reasons behind the deduction
The reasoning behind the mortgage tax deduction is very much rooted in our history, where owning a home was seen a great investment. To help prospective buyers out in a way, the deduction was introduced to save middle-class and upper-class homeowners a good chunk of change. To replace the tax deduction, the IRS could impose lower tax