Mortgage Interest Deduction Elimination Press Continues

The White House and Congress see the 100 billion dollars a year that goes to homeowners and want to spend it on their own projects. They have realized they are spending way too much money and the deficits are growing out of control.

How out of control? Let’s talk nearly 20 trillion dollars in debt by 2015.

Now they are not going to stop spending. Spending means power in Washington, so instead they are doubling down. Taxes are going up, tax breaks are being removed, and every possible revenue source is being examined.

This includes the Mortgage Interest Deduction for Homeowners!

We all need to keep an eye on Congress and the White House. They know they are in trouble and could lose control of the process by January. If this is the case, they may push through a host of changes to our tax code in the coming months that could include the popular tax break for mortgage interest.

Stay tuned to this blog and we’ll keep you informed of anything Washington tries to push (or sneak) through that could cause us all to lose what was once considered an untouchable tax benefit of home ownership.