The Congressional Budget Office has prepared a report that suggests ways for Congress to raise revenues. One key suggestion is that Congress cut deductions for home owner mortgage interest from the present $1.1 million cap to $500,000, phasing in the reduction by $100,000 annually starting in 2013.
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If Barney gets his way yes. Very scary time for folks with big mortgages. Worst part, no one will refi them. UGH!
Good post
Tony