Is the removal of the home mortgage tax deduction going to hurt your personal finances very much?

Obama has appointed a national debt commission to report after the November midterm elections on ways that the federal deficits can be brought under control.

The heads of the panel told the National Governors Association on Sunday that everything needs to be considered including curtailing popular tax breaks, such as the home mortgage deduction.

"The debt is like a cancer," Democrat Erskine Bowles told the governors. "It is going to destroy the country from within."

hey

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4 Comments.

  1. 70% of Americans do not itemize anyway, so this won’t affect them.

    The current $1M cap is ridiculously high. Why should these 70% underwrite the taxes of individuals who want to buy an expensive house and pay interest to the banking industry rather than taxes?
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  2. No since my mortgage is paid off but it will severely destroy many families. this is similar to the hogwash Clinton tried when he wanted to tax homeowners on the supposed rental value of their home as an intangible asset. And voters don’t think the Democrats are guilty of out of control spending
    References :

  3. Caveat Emptor

    Baloney.
    References :

  4. hey

    It is possible to get rid of debt, but you have to know exactly how to do it.There are many companies , that offer that service, but unfortunately most of them are scams.

    Last year I found a website that helped me to save more than 30% …

    They are one the best companies .

    If you really need help, I would recommend you http://DebtExpertAdvice.info … They really know how to help you.

    I think that will help
    References :

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