Deficit-reduction commission takes aim at mortgage-interest deduction (WSJ)

[somone]

http://online.wsj.com/article/SB10001424052748704679204575647033925255808.html

Mortgage Tax Break in Crosshairs
By DAMIAN PALETTA And JOHN D. MCKINNON

The co-chairmen of the White House's bipartisan deficit-reduction commission said Tuesday they would propose a significant paring of popular middle-class tax breaks, including the mortgage-interest deduction, and push for an increase in the Social Security retirement age.

The recommendations will be included in a final debt-cutting proposal from Democrat Erskine Bowles and Republican Alan Simpson to be unveiled Wednesday. The ideas are part of a broad and controversial proposal to tackle the U.S. government's debt through a combination of spending cuts and an overhaul of the tax code... "America, you have a serious problem, and the time is short to address it," Mr. Simpson said. He predicted that interest groups and politicians would try to rip the proposal "to shreds." Changes to tax policy, Social Security and Medicare are likely to draw the quickest attacks.

Joe Stanton, chief lobbyist for the National Association of Home Builders, said his organization would use "the full weight of our grass roots" to prevent any reduction of the mortgage-deduction tax break. "You are already talking about an industry that is completely battered, and this will kill us," he said....

Mr. Obama created the commission in February and charged it with creating a plan to address the government's growing debt. Concerns about spending in particular helped sweep dozens of Republicans into Congress in the midterm elections.

[midnight]

1. Can't they just fix one thing that works for the working folks...

[midnight]

2. posted twice.

[EFerrari]

3. So, they didn't write down the loans, there's no illegal foreclosure moratorium

and now, they want to lose the interest deduction?

This is a multi-part middle class mugging.