MID - issue for the white house
The new plan calls for tax rates above 28% to longer be able to use the MID on there tax return
So a family that makes 300k a yr and buys a house say worth 3x there salary a 900k house , now will no longer be able to deduct the interest payments from their income
don't get this one folks , the tax rate on income is going back to 39.5 % pre-bush , take this one away and a lot of upper middle class people will see their effective tax rate (since their house is thier biggest asset) go up even higher!
NAR already has a letter out to Obama this one will be interesting to watch as it will effect a lot of people in CT , NY and CA where all of the senators except uncle joe in ct who is an IND. are dems
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