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Article Source: CNNThe Obama administration, as well as several tax and deficit commissions, have called for limiting or eliminating the deductions in the past. But the proposals have gone nowhere and the same outcome is expected this year.
Still, the real estate industry and non-profit sector are not taking any chances. They are making it clear to both Congress and the White House that they strongly oppose any limits to the deductions.
It is time for this to go. Of course the vested interests will be clamoring for their pound of flesh but the fact is mortgage holders are being subsidized by renters. We don't need any more incentives for people to go out and buy homes they can't afford.
Putting a limit on the amount of mortgage which is deductible is not an attack on the middle class. Not giving renters similar consideration is inherently unfair.
#1 - Wed Apr 13, 2011 5:17 PM EDTYou're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
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