Mortgage Interest Deduction Cut Remains in Deficit Proposal
In its report to the deficit-reduction panel, the committee has proposed lowering tax rates, but paying for it by scaling back on some deductions, including the mortgage interest deduction.
An alternative which may be offered taxpayers is a reduced credit for home mortgage interest with no credit for a second residence.
The panel is set to vote on the committee’s recommendations on December 3.
Whether the panel accepts the recommendations and presents the proposals to Congress is a matter of conjecture; however, retiring Republican panel member Judd Gregg has indicated he will support the measure, as will Kent Conrad, the head of the Senate Budget Committee.
The current proposal also includes a $.15 per gallon gasoline tax.
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