The mortgage interest deduction is one of the five tax breaks the Obama administration is looking to eliminate. That would put serious pressure on the demand and price of housing. Interesting, because the tax credit earlier this year was made to increase the demand for housing. Confused on what direction Washington wants to take us? So I'm I.
Not surprisingly, those five are also among the most popular:
- mortgage interest deduction;
- tax-free income workers get from employers to pay for health insurance;
- deduction for state and local taxes;
- deduction for charitable contributions;
- and myriad tax breaks for retirement savings.
Retirement saving? Shouldn't we be encouraging people to save for retirement and not depend on social security?
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