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Sunday, September 24, 2006
Ending Mortgage Interest Tax Credits For more musings by theDonnybrook, visit The Grey Area. Of all the terrible tax laws that the government could change, the mortgage interest tax deduction is probably the worst. Even still, presidential advisors have recommended that the next round of tax reform abolish the mortgage interest deduction. Now, this deduction makes it more advantageous to own a home by reducing income tax based on the annual amount paid for interest on a home mortgage. Ideally, this will offset the amount paid in excess of a loan. This is a bad idea. Abolishing this tax credit would remove the benefit of home ownership from the income tax structure. This should be avoided regardless of the amount borrowed. Blogger News Network is advertiser-supported, and your visits to our advertisers help BNN to meet its expenses. Help keep us afloat! posted by thedonnybrook at 4:21 PM |
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