Mortgage Interest Deduction Provision in Obama’s Budget
February 9th, 2010 by Martha McDonnell
On February 1, 2010, President Obama released his 2011 budget proposal recommending that the value of the Mortgage Interest Deduction (MID) for upper income taxpayers be limited to the 28% bracket. The provision modifies the MID, as it plans to reduce the amount of mortgage deductibility on families earning over $250,000 (AGI) and on single tax payers earning over $200,000 (AGI).
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Martha McDonnell
Lois Schneider Realtor / Summit NJ
