| and California, where housing prices have skyrocketed. ``It seems to ignore the plight of a first-time buyer in an expensive market,'' he said. Because the panel would cash out mortgage refinancing 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, according to the most recent statistics cash out mortgage refinancing 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 percent of interest paid cash out mortgage refinancing 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 cash out mortgage refinancing 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 not be eligible for the |
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