6:23 am November 19, 2010, by Henry Unger
The once sacred mortgage interest deduction may be on the chopping block.
Earlier this month, the leaders of the deficit reduction commission floated the idea of cutting the deduction for homeowners who have mortgages over $500,000, AJC reporter Michelle Shaw writes.
The plan doesn’t mean those homeowners would lose their deduction, Shaw explains. But it would be limited. Homeowners could deduct only interest paid on the first $500,000 of their mortgage.
Of course, the proposal could change and include more or less of a mortgage.
What do you think of the idea? Is it a good way to tackle the deficit?
What would you be willing to give up to reduce the trillions of dollars in red ink?
- Henry Unger, The Biz Beat
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