Mortgage-Interest Tax Break Might Be Reduced Or Eliminated
October 25th, 2010Via: Market Watch:
The hugely popular mortgage-interest tax deduction could be targeted by a bipartisan commission charged with finding ways to chop the deficit, according to a report published Monday.
The Wall Street Journal reported that the mortgage-interest deduction, child tax credits and payment for health insurance with pretax dollars all could be put in jeopardy by the deficit commission, which is to issue recommendations on balancing the budget by 2015.
The report, citing people familiar with the matter, indicated that these tax breaks could be preserved at a lower level. Defense spending and a freeze on domestic discretionary spending also are being weighed, the report said.
Medicaid and Medicare changes are unlikely, and the commission has decided that Social Security changes wouldn’t have an impact for at least a decade because changes would have to be phased in.
Just in case someone was looking for yet another reason not to commit to 30 years of staggering debt. See ya, housing market, it was nice knowing you.
I wonder when they’ll start marketing the term “serf” as something cool?