Okay I admit it, I cruise through talk radio stations (minus sports selections) while driving. Today, I had one hour in the car and Rush Limbaugh caught my attention (for at least 15 minutes) with his prediction that the home mortgage interest deduction is in danger of being eliminated by this administration. Hearing this and knowing how my business friends think, well - if I was a dog my ears would have been standing upright with my head cocked to one side!
He gave a synopsis that made sense. According to Rush the news today of how much our country is SPENDING, in giving tax deductions, is a signal that the administration would like to eliminate the POPULAR home mortgage interest deduction from the tax code. I immediately came home and googled my request and VOILA' , I see that there is merit to this prediction.
I have been wondering how long it would be before the tax code was overhauled to effectively raise taxes and now I know... it's just a matter of time before the interest deduction slips away into the night along with other beneficial motives to spend money in directed areas such as eduation. Here are some articles that might give you a bit more information about the changes coming down the pike and not just about the home interest deductions! These articles are about the changes coming in 2011
Big tax changes in the works Student loan interest may affect thousands of families. Charitable deductions from IRA's. Many of the tax changes are listed here.
FANNIE AND FREDDIE: Future uncertain
THE HILL: Tax Cuts Mortgage
and there is more