Today President Bush gave up on the notion of changing the tax laws to eliminate your mortgage interest tax deduction. At a conference in Florida today a homeowner asked the President to ensure housing would remain affordable in the United States.
The President stated the mortgage interest tax deduction would remain as part of the tax code. President Bush had appointed a panel last year that recommended doing away with the mortgage interest tax deduction as we know it. President Bush has stated the tax laws are currently a mess and the Treasury Department is currently reviewing the changes suggested by the President’s panel.
The White House is holding off on their tax initiatives to concentrate on waging other battles. Some members of Congress feel that changing the tax laws to eliminate the mortgage interest deduction is too controversial. Tax laws are never a popular topic to address during an election year.
For now, homeowners rejoice; the mortgage interest tax deduction is safe.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
