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Pres. Bush Rejects Recommended Mortgage Interest Deduction Limits

Posted By Jim On 02/18/2006 @ 7:31 pm In Government,Taxes,The Home | 6 Comments

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].

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[3] Official Tax Reform Panel Recommendations: http://www.bargaineering.com/articles/official-tax-reform-panel-recommendations.html

[4] CNN Money: http://money.cnn.com/2006/02/17/pf/taxes/bush_mortgage_deduction.reut/index.htm

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