Congress To Repeal Home Mortgage Interest Deduction?

You can chalk this one up to kicking homeowners while they’re already down.  Congress is considering eliminating the tax deduction for mortgage interest.  This is a deduction that homeowners all across this county rely upon.  What does this mean for you?  If the deduction is eliminated, many, many Americans will see a significant increase in their tax bill.

The idea is being proposed as part of the so-called deficit reduction plan.  While reducing the federal deficit is certainly a worthwhile goal, doing it by withdrawing a valuable tax deduction, with little warning, that many homeowners have relied upon for years doesn’t quite seem fair.


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