PoliticsFight Club: Is the Home Mortgage Interest Deduction Worth Keeping?By Guest Admin, Contributing Writer, Money Morning - August 2, 2013 • Print | Email View Comments Start the conversationLeave a Reply Click here to cancel reply.Your email address will not be published. Required fields are marked *Name * Email * Website 5 + = 13 Comment Some HTML is OK Sign me up for the Money Morning newsletter Garrett Baldwin: Don't Just Cut the Mortgage Deduction… Cut All Deductions and Lower Taxes If home ownership is the American Dream… then why do we need government to subsidize it? The home mortgage interest deduction (HMID) is a lopsided tool of economic alchemy that favors the rich, and artificially increases housing prices due to the "stimulus" it creates. According to the Congressional Budget Office, this tax break will "cost the government" more than $1 trillion over the next decade. The HMID mostly benefits households earning $75,000 to $500,000 a year. According to the Tax Policy Center, this range of Americans earns 77% of the tax savings from the HMID.