Obama’s proposed budget would reduce the tax break for households earning more than $250,000. Some see the plan as targeting real-estate rich states like California and New York.
The Obama administration’s budget threatens to cut a benefit many Americans view as practically a right — the mortgage interest tax deduction — and powerful real estate interests are fighting back.
The move would affect only households earning $250,000 or more, but opponents say it could prolong the housing crisis by slowing already torpid home sales and deal another blow to home values ravaged by the market crash.
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http://www.latimes.com/business/la-fi-de
duct14-2009mar14,0,6494844.story
