Boston Real Estate
The White House’s deficit-reduction commission is going to recommend big changes to the mortgage deduction, the Wall Street Journal reports today. A long list of non-binding recommendations include: wide-ranging tax code revamp, raising Social Security retirement age, and cutting the federal workforce by 10%. Of course, commission members have argued that when coupled with tax code changes, home owners come out ahead or no worse from changes to the mortgage deduction.
The proposed modification of the mortgage deduction brought a swift reaction from the chief lobbyist for the National Association of Home Builders, who promised to fight the deduction elimination: “You are already talking about an industry that is completely battered, and this will kill us,” Joe Stanton told the Wall Street Journal.
Read the preliminary report here.
