To help the middle class, of course! Mortgage Interest Deduction Under Scrutiny
Only for the rich, of course. For now. But they all know you can’t get there from here. Once they start discussing increased revenues through taxes and issues get put on the table, the numbers, not principle, will take over.
Along with that, the very uncertainty they’ll create with the process will back people away from spending pending some definitive result.
A tax break that has long been untouchable could soon be in for some serious scrutiny.
Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families – and the broader housing market.
But as President Obama and Congress try to hash out a deal to reduce the budget deficit, the mortgage interest deduction will likely be part of the discussion.