[Old_Mil]

the panel is suggesting eliminating the mortgage interest rate deduction and giving a credit of 15 percent of mortgage interest paid to all homeowners.

Will someone please tell these clowns that moving from a system where all mortgage interest is deductible to one where 15% of mortgage interest is deductible is not an exercise in making tax law simpler?

[adamjeeps]

As an accountant who has prepared hundreds of tax returns, I honestly don't believe there's a chance this will pass. How would anyone decide what regions get which mortgage limits? There are too many markets besides Realtors who are against this. These changes are not simple and the effects could be disastrous. I am upgrading from a 200,000 home to a 275,000 home and am scared of losing my deduction. I'm also afraid of this news making my home more difficult to sell. My wife and a combined make $120,000. I feel I'm smack dab in the middle of the middle class.

Am i being ridiculous here?