CA can't even get rid of a tax break for vacation and second homes that would generate $300-400M for affordable housing. Cc @DavidChiuhttps://twitter.com/dillonliam/status/889554677943025664 …
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MID is an accident of history. There was no large, highly liquid mortgage market when it deductible interest was written into the tax code.
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But by that reasoning, the income tax itself is an accident of history. There was almost no tax base for it when it was written into code.
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Labeling the deduction of interest on loans against property with investment characteristics as a "subsidy" is begging the question.
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