Will Congress have the guts to kill the home mortgage deduction?

  @FortuneMagazine February 28, 2013: 9:15 AM ET
BAI18 home mortgage

I was pleased to hear the President calling for comprehensive tax reform in his State of the Union address. But how serious is Washington about tackling the array of special breaks infused into our tax code? True reform will not succeed unless everything is put on the table. With the housing market still ailing, will Washington have the courage to tackle that most sacred of tax cows, the mortgage interest deduction, or MID?

We Americans love owning our houses and the taxpayer subsidies that help us pay for them. The last time Congress cleaned out the tax code in 1986, this was one of the few special breaks left untouched. But today our cash-strapped government needs to rethink all tax breaks, and the MID costs taxpayers about $100 billion per year.

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