| The President's Advisory Panel on Federal Tax Reform urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the year. consolidation federal loan plus would scrap the deduction for property taxes, too. If enacted, mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in place today, that range would spread from $227,000 to $412,000. Mortgages for second homes and interest consolidation federal loan plus on home equity loans would not be eligible for the credit. Taxpayers who currently own consolidation federal loan plus would have five years before they had to use the new credit. During that period of transition, a taxpayer could still take a deduction but the size of the mortgage eligible for a tax break would gradually fall. At the end of five years, everyone would be using the proposed credit. Connie Mack, a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages in the nation exceed the proposed cap. ``It is a consolidation federal loan plus plan. It shares the benefits,'' he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. Still, at more than 6% per year, those prices have consolidation federal loan plus more than double the rate of inflation over that consolidation federal loan plus There is no question that the lack of new-home building in many parts of the country has contributed to rapid run-ups in prices for existing homes; it's no coincidence that some of the cities that make it most difficult for home builders to bring new land to market are also the cities that have shown the steepest existing-home price gains of late. Even though they make their consolidation federal loan plus by building and selling houses, the home builders may soon see it as a blessing that they don't have a lot of land on |
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