Eliminating housing deduction in Kansas may be Brownback's Waterloo
The Kansas City Star
Kansas Gov. Sam Brownback has taken on the real estate and banking industries at a time when housing is just starting to claw its way out of a terribly dismal, Great Recession-fed slump.
Brownback wants to eliminate taxpayers’ deductions on interest paid on home mortgages. It would be a cash bonanza for state coffers. But that perk dating back a century helps keep the homebuilding and homebuying industries humming.
Take it away, and people and families might as well stay in apartments. They wouldn’t have to put up with the hassles of repairs accompanying homeownership. Equity that homeowners count on could tank, and boom areas such as Johnson County could fizzle.
Brownback’s bulls-eye on such a sacred target has drawn hundreds of real estate folks to the Capitol to speak against the proposed elimination of the mortage interest deduction, The Kansas City Star reports. The governor would stand a better chance of confiscating all guns owned privately in the Sunflower State than taking away the deduction. And every gun owner is like Charlton Heston — Brownback would only get their guns if he peeled it out of their cold dead hands.
The fight over mortgage interest deductions has only begun, and expect the political fallout to include some lawmakers losing their seats if the legislation gets signed into law. So maybe the governor truly doesn’t have a love thing on this Valentine’s Day for the Oval Office after all.