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Politics : Ask Michael Burke

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To: Mama Bear who wrote (79285)	4/11/2000 9:42:00 AM
From: Les H	Read Replies (1) of 132070

Mortgage interest deduction is at odds with treatments of other loans for tax-exempt investments. Since Congress exempted capital gains on the sale of residences from taxation for the first $ 500,000, the mortgage interest should be not be deductible. It amounts to a double tax-free situation. The tax code is full of double- and triple- taxed and tax-free arrangments. Deductions of charitable contributions to tax-exempt organizations would be another since the recipient often pays no income tax, real estate tax, or sales tax.

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