11. A truly flat tax would also eliminate deductions, including the enormously popular home mortgage interest deduction, along with loopholes. 12. A. Most flat tax proposals, including the one sponsored by Armey, would eliminate the home mortgage interest deduction. 13. Alexander said eliminating the home mortgage deduction would devastate the real estate market. 14. All programs will interview the user thoroughly, asking everything from Social Security numbers to details of mortgage deductions. 15. But he made the political mistake of seriously proposing to eliminate the home mortgage interest deduction as part of reforming the tax code. 16. But it is difficult to see how politicians can resist the pressures of the housing, construction and lending industries to keep the mortgage interest deduction. 17. Closing what used to be called tax loopholes -- from mortgage deductions on second homes to the failure to tax capital gains at death -- is a possibility. 18. Congress has repeatedly threatened to take away the second-home mortgage interest deduction. 19. Dole, who has not offered a detailed tax proposal, indicated that he also favors retaining the mortgage interest deduction. 20. Education credits, mortgage interest deductions for new homeowners, and child-care credits also are often forgotten when figuring out proper withholding. |