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The home mortgage interest deduction should not be eliminated.
That requires more money. Capping deductions for the 1.2 percent of Americans that are the most well-off is one good way to raise it.
8/21/2009 9:37:46 AM
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New York Times Editorial
Editorial Board supports capping the deduction, but not eliminating it.
The effect on housing would be small, too. According to the I.R.S., households earning more than $200,000 account for less than 8 percent of all taxpayers who claim a deduction on mortgage interest. Capping the mortgage interest deduction at 28 percent might nudge a high-income family to buy a cheaper home than it otherwise would. It is unlikely they would forgo a home.
Mr. Obama is proposing a government that provides more security for Americans and invests in their long-term prosperity. That requires more money. Capping deductions for the 1.2 percent of Americans that are the most well-off is one good way to raise it.
Posted on 7/7/2009 11:39:57 AM by DNightApproved 8/21/2009 9:37 AM
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