Powerful Interests Defend Mortgage Deduction
Powerful housing lobbying groups continue to be concerned that the mortgage interest tax deduction is being targeted as part of the fiscal cliff discussions now going on in Washington. According to the Congressional Research Service, the deduction ranks as the third largest tax expenditure on the federal budget and the amount of revenue the U.S. government would forgo from those claiming mortgage interest deductions is estimated to top $100 billion by 2014. Several times, the White House has proposed slashing the deduction to 28 percent from 35 percent of mortgage interest payments for Americans in the top income bracket, but such proposals have been scuttled by the effective lobbying efforts of the Mortgage Bankers Association, the National Association of Realtors and others.
From "Powerful Interests Defend Mortgage Deduction"
CNN (11/27/12) Liberto, Jennifer
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