President Obama’s debt-reduction panel is looking at curbing the more than $1 trillion in tax breaks the Internal Revenue Code provides as a way to raise money without raising income taxes.

This sounds fair. Why should special interests get tax breaks while the average American foots the bill? Here’s a sampling of some of the beneficiaries of tax welfare:

  • corporate R&D
  • child care
  • solar energy
  • farmers
  • TV & film production
  • restaurateurs
  • owners of historic buildings
  • oil companies

In fact there are more than 300 individual tax breaks benefiting special interests. Let the bums pay their own way! If they get a tax break why don’t we get a tax break?

We do. It’s called the home mortgage interest deduction included in the 5% of tax breaks that represents 66% of the $1.2 trillion in annual revenue forgone by Treasury. The next time we call for a reduction or elimination in tax perks given to special interests we as homeowners need to decide if we are willing to give up our generous perk. Otherwise our words ring hollow.