Articles tagged with: deficit reduction
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As most people who have been following real estate news know by now, a proposal to scale back the mortgage interest deduction failed.
Let’s review. President Barack Obama formed the National Commission on Fiscal Responsibility and Reform earlier this year for the purpose of putting together a proposal to cut the deficit. On Dec. 1, the bi-partisan task force released a 66-page report – called The Moment of Truth – that was designed to save $4 trillion over 10 years by rolling back deductions, raising some taxes and otherwise calling on …
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Earlier this month, an article in the New York Times got a lot of attention.
Specifically, the publication pointed out that the National Commission on Fiscal Responsibility and Reform – a group appointed by President Barrack Obama to balance the budget by 2015 – was considering scaling back the mortgage interest deduction. That deduction, of course, allows taxpayers to reduce their taxable income in accordance to the interest paid on mortgages.
The National Association of Realtors’ reaction to the news was a bit odd as the group tends to hyperventilate whenever any …