Do we want to use the tax code to subsidize home ownership? And, if we do, is the mortgage interest deduction the best way to do it? A new paper ... asks these provocative questions, and comes up with some surprising answers. To even ask seems almost un-American—almost like suggesting we replace barbecue at the Memorial Day picnic with, oh, tofu. But a close look suggests there is much less to the hallowed deduction than meets the eye. Thus, we’d miss it much less than we think.