Honey, I Eliminated The Mortgage Interest Deduction Plan 2
A bipartisan committee has made two recommendations to President Bush regarding tax reform. In this article, we take a look at the second option.
Tax Reform
A year ago or so, President Bush decided to spend his political capitol on tax reform and fixing social security. Social security reform went down in flames, so now it is time to see if tax reform is an option.
In an effort to eliminate the Alternative Minimum Tax, the committee was charged with coming up with alternative revenue sources. The biggest deduction on the books is the mortgage interest deduction and the committee has offered two plans. The first puts a cap on the deduction and would be a disaster. The second option, however, is very interesting.
The committee on tax reform has recommended a unique approach to eliminating the mortgage interest deduction entirely. Before you go ballistic, consider what they are replacing it with.
In this second option, a homeowner would be unable to deduct any mortgage interest. They would, however, be able to claim a tax credit equal to fifteen percent of the interest paid up...
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