Glenn Reynolds and a Wall Street Journal reader think they're being clever --
THE WALL STREET JOURNAL QUOTES A READER:
Now that those of us who have been making steady, on-time payments on our mortgages for years will be paying off others’ mortgages through our taxes, can we claim a tax-deduction for our neighbors’ mortgage interest too?
— Edward G. Stafford, responding to “Dukes of Moral Hazard.”
As this apercu seems to understand, Glenn and Edward already get their deduct their own mortgage interest, meaning that for years, their homeownership has been subsidized by the general taxpayer -- including renters. Given the role that homeownership boosterism has played in the crisis, shouldn't it be renters who get to be superior over everyone else?