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Mortgage interest tax break has 'no effect' on homeownership, says study

, The study shows that the popular U.S. tax deduction, a “sacred cow” of the country’s tax code, just isn’t very effective.

“I really view this as putting a nail in the coffin of the idea that this tax break affects homeownership,” said one of the authors, Jonathan Gruber of the Massachusetts Institute of Technology.

Written by Gruber, Henrik Kleven of Princeton University, and Amalie Jensen of the University of Copenhagen, the study examined real estate data from Denmark in the ‘80s, when a change in the tax law created a natural test case to compare the deduction’s effectiveness. Cultural differences aside, the researchers felt their analysis validated previous studies that suggested the deduction was not making a big impact.

Gruber says that if the government wanted to create a deduction that encouraged home ownership, they should instead offer a tax credit for first-time homebuyers, or a deduction capped in line with median regional home prices.

Ringleader in $33 million Utah mortgage scam pleads guilty

In his plea agreement signed last week, Gettel pleaded guilty to one count of conspiracy to commit mail or wire fraud and one count of conspiracy to commit money laundering.

He also pleaded guilty to two other counts in a separate criminal case filed in April alleging he participated in an illegal telemarketing operation while charges in the original case were pending.

U.S. District Judge Dale Kimball set sentencing for Aug. 3.

Gettel admitted he and other co-owners approved false statements and advertisements that solicited clients for the companies.

The falsehoods included claims that CC Brown was a national law firm that only accepted cases it could win and had a success rate of 90 percent or better. Gettel also admitted that refund guarantees were false.

Two other people associated with the operation — Jeremiah Barrett and James Scott Creasey — have pleaded guilty to conspiracy. They face possible sentences of up five years in prison.

Literacy; why is it that we want to stay with modern meaning rather than return to the True meaning of a word?

Mortgage is a Greek word that means death grip.Decadent doesn't mean delicious it means Decaying.Flipping the bird means I can shoot an arrow[early France].What we say is foul[adult ]isn't when the True meaning is known and accepted.

It's just how language progresses. It would be very boring if everything stayed the same.

I've never heard 'decadent' as meaning delicious. I've heard it as meaning 'self-indulgent' or 'hedonistic', if you will.