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Pres. Bush Rejects Recommended Mortgage Interest Deduction Limits

Last November, in an article titled Official Tax Reform Panel Recommendations [3], I discussed how the Presidential Tax Reform Panel made a recommendation that included two proposals that would limit the mortgage interest tax break. The first proposal reduced the mortgage-interest cap from $1M to the average regional home price and the second converted the deduction itself to a tax credit of 15% of interest paid.

In a Q&A forum yesterday, President Bush said “I don’t think you have to worry about the mortgage deduction not being a part of the income-tax law.” Whew.

via CNN Money [4].