12 November 2010

What is the actual proposal about eliminating the mortgage interest tax deduction?

I'm still looking for a primary source, but here's what a NASDAQ analyst says about the proposed change to the mortgage interest tax deduction:
The [National Commission on Fiscal Responsibility and Reform] specifically proposes to exclude mortgage-interest deductions for second homes, home-equity loans and mortgages over $500,000.
So . . . not a complete elimination, but a rollback that affects primarily wealthy homeowners. Might be time for your best Emily Litella at this point.

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