A proposal to eliminate or scale back the current tax deduction that homeowners receive for the interest they pay on their mortgages is being widely criticized by people across the ideological spectrum. Economists of all stripes and a mortgage banking group say the proposal, which is part of a preliminary plan that bipartisan leaders of President Obama’s deficit commission released Wednesday, is either ill-timed or ill-advised.
Proposal to limit or eliminate home tax deduction unpopular, could raise billions
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