Federal Proposal to Reduce Mortgage Interest Deducibility
The Obama Administration has recommended, as part of its budget proposal, that the amount families earning more than $250,000 year can deduct for mortgage interest be reduced. We must ask ourselves what are the consequences of doing this? Logic would tell us that those with the deepest pockets would not be inclined to purchase real estate if the tax deduction was reduced or removed. This may affect the value of all property and further hinder recover of real estate prices for a long period of time.
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