Word: taxed
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Dates: during 1980-1989
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Section 3. Two-thirds of all the additional real estate tax revenues which may be derived from increased property values and increased tax valuations (resulting from removal from Rent Control restrictions under the foregoing Sections) shall be allocated by the City for (a) rent subsidies for tenants in existing rental housing, and (b) the production of new rental housing. The benefits allocated under this Section shall be distributed to applicants based upon demonstrated financial need, with preference given to long-time-resident, elderly or homeless citizens of the city of Cambridge, of low or moderate income...
...even more powerful ally than the real estate industry--they have some liberal Democrats and members of Congress. When Ronald W. Reagan hinted during the 1984 campaign that just maybe the deduction could be reformed, Walter F. Mondale called the suggestion "the worst single idea around in tax...
...mortgage interest deduction also benefits from its low political visibility. It's easier to spend $30 billion through the tax code than to mail out one million checks for $30,000. It wasn't until 1974 that Congress and the President were even required to list the revenue loss of "tax expenditures" such as the mortgage interest deduction as costs on the budget...
...mortgage interest deduction has the privilege of being one of the most sacred of sacred cows in the tax code. During the debate over the 1986 tax reform bill, proposals to limit the deduction to primary residences and to cap the rate of deduction at 14 percent were soundly defeated in Congress...
Every attempt to introduce some measure of fairness into the deduction has met with protests about the "sanctity of home ownership." Mondale went so far as to call the mortgage interest deduction "the only deduction that is in the tax law that does any good at all for the average American...