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Pros and Cons of the Mortgage Interest Deduction

Page One

Mitt Romney’s proposal to limit the mortgage interest deduction (MID) provides a chance to revisit our assumptions about our largest tax subsidy. Now that you have had a chance to review the pros and cons tell us which arguments you think are most believable and important, as well as what you think is missing.
1. Tell us how much you believe in the truth or accuracy of the following arguments
Space Cell Totally not believableMostly not believableSomewhat believableCompletely believable
The MID makes homeownership more affordable
The MID benefits households with incomes below $200,000
Changing the MID would depress housing prices
Changing the MID would hurt homeowners and homebuyers
The MID boost profits of lenders
The MID reduces homeownership in urban areas and inflates prices
Other countries have higher homeownership rates with less government support
The MID is biased toward larger and higher interest mortgages
2. Regardless of believability, rate the importance of the following arguments (note that an argument that you think is false but very important is different from something you think is false and not important):
Space Cell Not importantSome importanceModerate importanceCritical importance
The MID makes homeownership more affordable
The MID benefits households with incomes below $200,000
Changing the MID would depress housing prices
Changing the MID would hurt homeowners and homebuyers
The MID boost profits of lenders
The MID reduces homeownership in urban areas and inflates prices
Other countries have higher homeownership rates with less government support
The MID is biased toward larger and higher interest mortgages
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