While talking about President Bush’s tax plans at a Q&A in Florida, the President indicated that there was no reason to worry about the possible elimination of the residential mortgage tax deduction currently allowed by the IRS.
We’ve talked about this topic in previous articles in The Realty Report here.
The President is quoted as saying, “I don’t think you have to worry about the mortgage deduction not being a part of the income tax law.”
While calling the tax code a complicated mess, he’s directed the Treasury Department to review the recommendations made by his tax reform panel.
President Bush also said, “You’ll be happy to hear I don’t set interest rates.” Later he added, “if I were you, I’d worry about interest rates.”
No Duh! Although it seems like good news on the surface, I haven’t head one person in the white house or congress for that matter, reject the notion of eliminating the tax deduction. And I urge all homeowners and future homeowners, to contact your representatives in Washington and let them know once and for all, ELIMINATED THE MORTGAGE TAX DEDUCTION IS A BAD IDEA.
--- In other news ---
In California, the 60 day notice period for a Notice of Termination of Tenancy for tenants who have rented a unit for more than 1 year, has been suspended. The notice period is back to 30 days. See an attorney for more information regarding this Landlord’s Victory.
See Related Post.