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Bush Panel May Curb Tax Breaks for Homeowners, Health

User ID: 123465
10/22/2006 08:04 AM
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Bush Panel May Curb Tax Breaks for Homeowners, Health
> Oct. 11 (Bloomberg) -- President George W. Bush's tax advisory panel, rejecting a fundamental overhaul, agreed to recommend limiting tax breaks for homeowners and employer- provided health-care benefits to help pay for repealing the alternative minimum tax.

The panel, meeting in Washington today, agreed the current $1 million cap on deductible mortgage interest should be reduced, possibly to about $350,000, and that the deduction should yield no more than a 25 percent tax savings, down from a top savings now of about 35 percent.

The panel also said it would probably recommend capping tax deductions for employer-provided health-care plans....<

[link to www.bloomberg.com]

:11: hate the middle class.