Tuesday, December 18, 2012

Pete the Banker: Ending Mortgage Deduction Part of Democrat Plan

Didn’t Obama and his minions promise no taxes on the suffering middle class?  Looks like his base of support is readying a real Christmas surprise.

“The Center for American Progress, a liberal think tank, unveiled a tax reform plan (pdf) on Dec. 4 to raise $1.8 trillion in revenue. It tackles most of the big-ticket items, including raising top marginal income-tax rates (to a Clinton-era 39.6 percent), the top capital gains rate (to 28 percent), and treating carried interest and dividends as ordinary income (sorry, Mitt Romney).It also addresses what may be thought of as the third-rail of tax reform—the cherished but costly mortgage-interest deduction—by eliminating it.”

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