| cases, will come ahead of mortgages. For this reason, if a consumer debt and consolidation and ncc has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing and wiping out the mortgage. A recent report from the federal reserve indicates a sharp rise in housing values in the past decade. They say that rise has led to a buildup in mortgage debt. Greg McBride, consumer debt and consolidation and ncc financial analyst at Bankrate.com, said the proposed credit won't help homeowners in regions of the country, like New York and California, where housing prices have skyrocketed. ``It seems to ignore the plight of consumer debt and consolidation and ncc first-time buyer in an expensive market,'' he said. Because the panel would convert the deduction to 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, consumer debt and consolidation and ncc to the most recent statistics compiled by the Internal Revenue Service. 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 consumer debt and consolidation and ncc of interest paid during the year. They 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 paid on home equity loans would consumer debt and consolidation and ncc be eligible for the credit. Taxpayers who currently own homes 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 consumer debt and consolidation and ncc 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 fair plan. It shares the benefits,'' he said. For homeowners with a consumer debt and consolidation and ncc mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. Still, |
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