GOP tax plan: Phase out mortgage interest deduction

Everybody gets pissed off whenever I say this is a good idea, so maybe you’ll listen to David Cay Johnston:

Imagine you make $50,000 to $75,000. Statistically you would save $75 a month in federal income taxes if you bought a house, the congressional study shows. Now which option would you prefer?

• Pay $300,000 for your house, the median for Sacramento in late 2013, and save $900 annually on your federal income tax by deducting the mortgage interest?

• Pay $200,000 for your house, but without being able to deduct your mortgage interest?

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