President Obama is targeting the tax deduction for mortgage interest payments and charitable contributions made among high-income earners.
The proposed budget cuts call for taxpayers in the 33 percent and 35 percent tax brackets to be limited in deducting charitable contributions and mortgage interest payments at the 28 percent rate. The deduction would affect households with taxable income of $250,000 or more. The White House says the move would bring in $321 billion within 10 years.
“NAR will remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest,” National Association of REALTORS® President Ron Phipps has said in opposing any MID cuts. (Get the latest news on MID and NAR’s stance at REALTOR.org.)
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