To pay for the huge budget deficits currently being racked up by the Obama administration, taxes will be forced up and new revenue sources sought out. Right now, Obama?s current budget will reduce the home mortgage interest deductions. Of course, these ideas start with the higher earners, but rest assured, once the door is open, the earning caps will be reduced until finally eliminated! Do you think I?m stretching the truth on this topic? The idea that elimination of the home mortgage deduction will not affect homeownership is already being actively discussed. The proponents bring up the fact that Canada, the United Kingdom and Australia all have roughly similar home ownership rates as the United States, but none provide mortgage interest tax deductions.. To view the full post, please visit: http://www.brokerforyou.com/brokerforyou/?p=1494
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