Tax Panel Getting Ready To Submit Its Recommendation

Tax panel is ready to submit its recommendation to the president. Some of the key recommendations include:

  • Abolish AMT
  • Abolish local and state deduction
  • Limit Mortgage Deduction ($300,000 in the propose mortgage limit)
  • Consumption Oriented Tax
  • Overall the proposal seem great, but how much of it is going to pass that’s another story. Especially the Limit Mortgage Deduction, that would be a tough one to pass with powerful lobbyists from the home builders and realtors ready to shoot this one down.

    It's not when you buy. It's when you sell!

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