Wednesday, August 3, 2011

U.S. mortgage tax break under fire from Republicans and Democrats

I don't think the US will eliminate the deduction completely, but it will be a gradual phase out.
One of the sacred cows of American tax breaks that many have blamed at least partially for the U.S. housing collapse is coming under fire in the United States.
At a forum last week in the U.S. capital, the real estate industry found itself the target of both the right and the left over mortgage interest deductibility, something Canadians have drooled over for decades because it lowers taxable income substantially.
Americans claimed about $500-billion in deductions related to mortgage interest last year, resulting in $100-billion in tax breaks.
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