Monday, October 25, 2010

Bye Bye Mortgage Interest Deduction

Or at least this in being considered by the "bipartisan" deficit reduction commission:

The mortgage-interest deduction and other sacrosanct tax breaks are on the deficit commission's table as it works toward its deadline of providing a set of recommendations on balancing the budget by 2015.

The Wall Street Journal reported Monday that hugely popular tax breaks are part of the commission's consideration since they add up to about $1 trillion in potential government revenue. 

Besides the mortgage-interest deductions, the newspaper reports that the child tax credits and pre-tax spending by employers for health insurance could also be killed.
And Obama promised middle class folks their taxes weren't going up. What do you expect when you elect a bald-faced liar and a communist president?

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