| prices have skyrocketed. ``It seems to ignore the plight of a first-time buyer in an expensive market,'' he said. Because the panel would convert the deduction capital lending source a credit, taxpayers who pay income tax at marginal rates over 15 percent will see their benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax capital lending source urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during capital lending source year. They would scrap the deduction for property taxes, too. If enacted, mortgages eligible for the tax break would be limited by a formula |
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