Economists Argue Over Mortgage Interest Deductibility

``The Next Generation conference featured three presentations on the topic of the future of the mortgage interest tax deduction (MID). This feature of the tax code allows homeowners to deduct interest paid on one or more mortgages on up to two homes and its elimination is suggested in current attempts to reduce the budget deficit. It is, in fact, the only tax increase to have come under wide discussion... Two of the three speakers argued forcibly for curtailing the deduction although their reasons differed. Only Crowe, speaking for an industry group which benefits from home ownership, favored its continuation. ''