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Bid to Curb Mortgage Tax Break Falters

By Implode-Explode Heavy Industries

" President Barack Obama's latest budget proposal, released in February, includes a provision that would shrink deductions for mortgage interest, real-estate taxes, charitable contributions and other items for married couples with annual incomes of more than $250,000, or individual filers earning more than $200,000. Under the proposal, such taxpayers would save 28 cents of tax liability for every $1 of mortgage interest or other eligible expenses, down from 35 cents now."

Full post as published by Mortgage Lender Implode-o-Meter on March 01, 2010 (boomark / email).