K Street scrambles to protect mortgage-interest tax break

And as usual the losers will be the middle class. Particularly those who reside in the high cost [of housing} states.
In addition another proposal is to eliminate the deduction of state taxes. Another blow to the middle class.

As for the AMT there would have been no problem if the tax code were adjusted to inflation. This tax was put in place to assure that the wealthy do not escape paying tax. Not to bleed the middle class out of existance.

Re: K Street scrambles to protect mortgage-interest tax brea


Apparently Elana didn't actually bother to read the proposal or she wouldn't have written this nonsense. The $312,000.00 MINIMUM would be in the lowest cost of living areas. People in the northeast and west coast would actually have their limit increased based on the median cost of house in the area so there would be no "dramatic increase" in taxes unless the mortgage is well in excess of the median for the zip code.