Above $500,000?

Reader comment on: The Deficit and Housing

Submitted by fred Van Bennekom (United States), Nov 12, 2010 07:02

I believe the commission is recommending eliminating mortgage interest deductions for interest on the amount of mortgages above $500,000, not total eliminating.

This would cement the interest deduction as a middle class entitlement.

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The Future of Capitalism replies:

That's one option, but the so-called "zero option" would eliminate it entirely and bring the top income tax bracket down to 23%. The $500,000 figure applies both to the capital gains tax exclusion on a sale (for a married couple) under current law and to the amount of the mortgage on which interest could be deducted from income tax under the proposal you refer to.

Other reader comments on this item

Title By Date
⇒ Above $500,000?
[w/response] [33 words]		fred Van BennekomNov 12, 2010 07:02
Not so sure. [61 words]harry stoneNov 11, 2010 16:30

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