Plan to cut mortgage interest deduction stirs opposition

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.
By Peter Y. Hong
Los Angeles Times
March 14, 2009
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.

Read the rest:
http://www.latimes.com/business/la-fi-de
duct14-2009mar14,0,6494844.story

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