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Elimination of Part or All of Mortgage Interest Deduction Likely

At the top of the list, the mortgage interest deduction is in line to be removed to create tax revenue.

The voters in this country have spoken. With this vote there are consequences, as everyone knows. The fiscal cliff is looming, which means an agreement needs to be worked out to get our economic house in order.

I continue to pound the drums that our country needs to reduce spending. No matter how much money is raised through tax increases, that has to accompany spending cuts.

OK, I want to go on record to say I am willing to pay more in taxes for the good of my children and future generations, but not without reducing our deficit. This country has spending habits that have gotten totally out of hand over the last few years.

We keep being told that there will be no tax increase for the middle class, if you believe that I have a bridge I would like to sell you in Brooklyn. Keep watching the deductions, that you will lose. Keep watching increases in costs, like gas, food and insurance. I wonder if your income stays pace?

Mortgage-Interest Deduction Could Fall Prey to Revenue Needs

By: Pete Carey

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