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Home · Property Management · Financing : Mortgage Interest Deduction Cut Remains in Deficit Proposal

real estate financingThe committee given the task of making recommendations to lower the federal deficit has retained its plan to scale back mortgage interest deductions.

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.

See more on Real Estate Financing.

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  • Chet

    This is one more example of the politicians’ approach of solving the country’s problems by transerring the burden to the common man and sheltering the banksters that created the current situation in the first place.
    How about closing the loophole for corporations that earn their $$ here and have their corporate office address in the Caribbean islands to evade taxes. How about making those wall street traders pay up – do they really add any value to the stocks and worse yet derivatives they daytrade ? If the top 2% who are given all the credit and air time on TVs truly create jobs – why did we get into current situation of high unemployment in the first place while these tax cuts have been in effect? – Face the situation, stop making common man a scapegoat for all the evils and give the common man a fair chance by making the playground and the rules a little bit fairer- and I bet things will work out.

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