Posted on 07/28/2011 1:12:56 PM PDT by illiac
WASHINGTON (Reuters) - Lawmakers are eyeing a popular tax deduction for mortgage interest as they look for ways to fill record budget deficits, although any changes are likely to await a broad reworking of the tax code.
Two forces are conspiring in a way that could put the long-cherished deduction on the chopping block: a need to raise more revenues and a feeling among policymakers that government incentives for housing have been too generous.
"It's a confluence of several factors. First, it's such a large tax break," said Donald Marron, director of the Urban-Brookings Tax Policy Center. "And the tax treatment of housing is much more favorable than we provide for most other investments people undertake."
(Excerpt) Read more at finance.yahoo.com ...
Sounds good to me.
the lender used the tax code as part of the formula to qualify people for their loans
So yeah, it had an effect. Lots of home buyers would not have qualified without the extra hundreds of dollars per month income from the tax deduction
Govt has to get the money from somewhere.
So we should continue to have renters subsidize their landlords while raisng other taxes everyone pays, including renters?
Sounds like a break for the landlords again.
Don't we wish. I just don't see it. Obamacare didn't bring about a revolt.
Obamacare hasn't gone into effect hardly at all, so most average folks find little to react to.
Having said that, there was a bit of kerfluffle in the 2010 congressional elections.
It will be a good time to buy but some people will suffer. Many people will suffer.
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