| income tax at marginal rates over 15 percent will see their benefits shrink. Almost 36 million taxpayers claimed the deduction in annuity equity indexed nasd according 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 annuity equity indexed nasd 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, annuity equity indexed nasd range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not 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 annuity equity indexed nasd tax break would gradually fall. At the end of five years, everyone would be using the proposed credit. Connie Mack, a former annuity equity indexed nasd 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 small mortgage who don't annuity equity indexed nasd their deductions, the credit means a new tax benefit defraying the cost of housing. Still, at more than 6% per year, those prices have escalated more than double the rate of inflation |  |
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