Update: February 25, 2011

The Costly and Ineffective Home Ownership Subsidy

Did you hear about Oregon's whopping spending increase for a subsidized housing program?

Chances are you didn't, because this spending program — the home mortgage interest deduction — exists in the shadows of the tax code. Its results are not something legislators can brag about.

With the state confronting a large revenue shortfall, it's high time that lawmakers begin the process of better targeting subsidies for home ownership to those who need them and stop subsidizing those who can afford million-dollar mortgages.

Read the CenterPoints column The Costly and Ineffective Home Ownership Subsidy.

Service Cuts for the Vulnerable, Tax Breaks for the Rich

The U.S. House leadership seeks deep cuts in nonsecurity discretionary spending, the area of the budget that funds education, research, environmental protection and host of other programs that Americans support. Meanwhile, tax breaks for the wealthy — including the federal home mortgage interest deduction — are left off the table.

Just how out-of-whack are the spending priorities by the House leadership?

Check out the Center on American Progress's Infographic: Tax Breaks vs. Budget Cuts. It provides a side-by-side comparison of safety-net cuts that the House leadership wants with the cost of certain tax breaks for the wealthy left undisturbed.