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CURTAIL MORTGAGE INTEREST DEDUCTION? Not Likely!

"SACRED" MORTGAGE INTEREST DEDUCTION UNLIKELY TO GO AWAY!

Against a backdrop of mounting Federal Debt are plans to reduce the deficit through new taxes to certain high-income tax payers.  The Obama Administration has proposed tax increases, along with reductions in the number of exemptions and deductions, for those earning more than $250,000 per year.  As you can imagine, the proposal has been roundly criticized - especially by those earning north of that $250,000 threshold.

One proposal would reduce the amount of interest those in the higher-income brackets can deduct from their annual income taxes.  But it is unlikely to become reality!

Why?

According to a story by Chicago Tribune Real Estate Columnist Mary Umberger from last Sunday's Trib, few in Washington would want to propose such a change in light of a sluggish U.S. Housing Market.  It could throw a wrench into the Housing Market Turnaround, whenever it swings into high gear.  And it would likely be defeated, or tabled.

Just over three years ago, a Presidential Advisory Panel proposed curtailing the Mortgage Interest Deduction, in favor of an across-the-board 15% tax credit for homeowners.  It quickly died!

As have several similar proposals over the years.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Tuesday, March 17, 2009 10:04 PM by Dean's Team

Comments

BlogChicagoHomes.com said:

Good Morning! ( ED. NOTE: We apologize for the delay in posting this week's Chicago IL Market Stats.

# March 17, 2009 11:21 PM
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