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Thursday, June 10, 2010

Mortgage deduction on the chopping block?

In addition to ruining jobs, now Obama is after the housing market. How do you NOT say this destruction is intentional? Tax Blog Prof.

Ax May Fall on Mortgage Interest Deduction
The Hill, Ax May Fall on Tax Break for Mortgages:
The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits.
Although Congress last year rejected the White House’s proposed cut to the amount wealthier taxpayers can deduct for home mortgage interest payments, the administration included it again in its 2010 budget — saying it could save $208 billion over the next decade.

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