Moody’s Analytics Chief Economist Mark Zandi argued last week in favor of limiting the mortgage interest and property tax deductions for home owners as a way of cutting the deficit. He said the mortgage-interest deduction costs the U.S. Treasury more than $100 billion a year.
Zandi was speaking to an audience at a real estate forum sponsored by the U.S. Chamber of Commerce. The Wall Street Journal described the audience as “unsympathetic.”
When asked by an industry representative to explain why this tact was wise, Zandi said, “There is no other sector in the economy that has received more support than your industry, and it’s time to give back.”
The Wall Street Journal