Reply #5: Limiting deductibility of home mortgage interest makes some sense [View All]

[slackmaster]

Right now I believe you can deduct up to $1 million per year in mortgage interest. Cutting the limit down to $10K or $20K would hit the wealthy for more tax without doing any harm to us normal folks.

The panel is proposing the rollback as a way to compensate for its also-proposed elimination of the alternative minimum tax, which is affecting more and more middle-class taxpayers every year and is in serious need of fixing.

The AMT serves the same social function as inheretance tax. Both have the same flaw - They were not indexed for inflation.