Goes mostly to the wealthy so end it

http://media.mcclatchydc.com/smedia/2011/08/02/17/56/bABBP.La.91.jpg WASHINGTON — Just as Social Security and Medicare benefits were dangled above the shredder in the debt ceiling debate, another of Washington's sacred cows could end up on the chopping block soon as well. The mortgage interest deduction, which allows 35 million homeowners to write off their mortgage interest payments, may be in... [more]

http://media.mcclatchydc.com/smedia/2011/08/02/17/56/bABBP.La.91.jpg WASHINGTON — Just as Social Security and Medicare benefits were dangled above the shredder in the debt ceiling debate, another of Washington's sacred cows could end up on the chopping block soon as well. The mortgage interest deduction, which allows 35 million homeowners to write off their mortgage interest payments, may be in for serious restructuring if ongoing efforts to pare the bulging federal debt are broadened. As part of the just-concluded debt ceiling debate, a bipartisan group of senators known as the "Gang of Six" proposed lowering the limit on mortgages eligible for the deduction from $1 million to $500,000 and restricting the tax break only to primary residences. Read more: http://www.mcclatchydc.com/2011/08/02/119190/does-debt-deal-put-mortgage-interest.html#ixzz1X24ql4Qd [less]