Tax subsidy for realtors under attack


By tovarichpeter   Follow   Wed, 28 Nov 2012, 8:16am   195 views   1 comment
In South San Francisco CA 94080   Watch (0)   Share   Quote   Permalink   Like (1)   Dislike  

http://www.contracostatimes.com/business/ci_22076881/homeowners-mortgage-interest-deduction-could-be-trimmed

As Congress looks for new sources of revenue to deal with the looming "fiscal cliff," a popular ingredient of the American dream could be on the chopping block. It's the mortgage interest tax break, an especially popular deduction in high-cost places like the Bay Area, which allows taxpayers to cut their taxable income by the amount of interest they pay on their home loans. Long seen as an untouchable "third-rail" in Washington, D.C., the break is now on the table as the Obama administration and Republicans look for more tax revenue. While the real estate industry argues the break is...

Viewing Comment 1-1 of 1     Last »     See most liked comments

  1. sean7825


    Follow
    Befriend
    13 comments
    sean7825's website

    1   6:42am Thu 29 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    I don't think the MID is going away. Its more of a tax subsidy for congress than for Realtors. Many in the house and the senate have two homes - one in their district and another in DC. Being able to write off interest on both is a big deal. Congress rarely votes to take a hit themselves.

tovarichpeter is moderator of this thread.

Email

Username

Watch comments by email
Home   Tips and Tricks   Questions or suggestions? Mail p@patrick.net   Thank you for your kind donations

Page took 46 milliseconds to create.