Reduced Tax Deductions?

Current suggestions to reform and simplify the tax code by the President's Advisory Panel on Tax Reform include elimination of deductions or possible increase in tax rates. These include reducing the mortgage interest deduction, reducing capital gains exclusion on principal residences, and eliminating deductions for the interest on home equity loans. At a time when, nationwide, housing costs have never been greater, and tax deductions never more significant, the path these suggestions take should be of a lot of concern to a lot of homeowners. To read the Panel's statement, click here.