I recently read the Obama Tax Plan and was concerned to find (on pg.2) that it stated that homeowners would recieve a 10% tax credit for mortgage interest paid. Since mortgage interest is currently fully deductible, I asked my CPA who said that under the Obama plan, that would change. I can't seem to find any other information regarding this, and haven't heard anyone discussing it. Obviously such a change would dramatically shift the current buy vs. rent advantage (not to mention the fact that it would affect the taxes of all income levels, not just those above $250k). The last thing that we need is something else to deflate the housing industry! Does anyone have any information to support or clarify this?
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