Friday, November 12, 2010

Washington Weighs Trimming Mortgage Interest Tax Deduction

The co-chairs of the National Commission on Fiscal Responsibility and Reform, Alan Simpson, a former Republican senator from Wyoming, and Erskine Bowles, who served as chief of staff under President Clinton, have outlined several recommendations in a proposal to President Obama.

Their first option would reduce the amount of mortgage interest payments homeowners can deduct from their federal taxes by 20 percent. Option two would limit the mortgage deduction to exclude second residences, home equity loans, and mortgages over $500,000.

It requires approval from 14 of the 18 members of the commission in order to make it to Congress for consideration. The commission says it plans to submit its final recommendations to lawmakers by December 1.

Contact your Congressman and tell him to vote HELL NO!