'The mortgage interest deduction is back on the chopping block'

from blog.hsh........

"The mortgage interest deduction is back in the news"

The super committee

Following the downgrade of the U.S. debt, a new bi-partisan “super-committee,” set up under the deficit deal, is supposed to look at ways to get government finances in the black–without raising taxes.

In my eyes, it’s difficult to see how they will be able to resist tinkering with the mortgage interest deduction, assuming they do anything at all.

One possible approach would be to lower the maximum amount of mortgage debt from which interest can be deducted, from $1 million to something less.

Is the mortgage interest deduction worth keeping?

According to Rep. Gary Miller, (R-Calif.), 37 million taxpayers save $72 billion annually as a result of the mortgage deduction"................READ MORE