The Front Burner: Should mortgage tax break be altered?

When President Trump tried to jump-start a discussion about overhauling the U.S. tax code in April, the timing was off. His single-page document of proposals was quickly forgotten, snuffed out by the intense debate on health care.

On the heels of the Senate’s failure last week to agree on a health-care bill, is Congress ready to turn its attention to an overhaul of the U.S. tax code?

Republicans have promised a bill with lower rates for both individuals and businesses, with fewer loopholes for deductions and credits.

During the last comprehensive tax reform, a generation ago in 1986, initial discussions included an end to the deduction for mortgage interest as a tradeoff for lower overall tax rates. Even though many other deductions were eliminated, the mortgage deduction survived. Mortgage deductibility was considered sacrosanct.

Now Congress is facing the same question: Should lawmakers continue to allow homeowners to write off (deduct) their mortgage interest on federal taxes, or end this preferential treatment? To address the question, we turn to two Floridians well-versed in the political reality of mortgage interest:

Jeremy Stewart, president of the Florida Home Builders Association, who argues against any change in tax policy.

Barbara A. Ibarra, executive director of Miami Homes For All, who says Congress should not

the mortgage deduction but rather rebalance it.