The news was that home mortgage deductions would be allowed for household incomes at or below 250,000/yr instead of the 1 million/year it is at now. I guess you can't believe anything on the radio anymore.


>Remember when you could deduct your car interest payments from your taxes? History!
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>I heard this morning on the news that President Bush is in the process of reducing or eliminating deductions from home mortgages. That should cool off the market a bit. Coupled with the new bankruptcy laws which go into effect next Tuesday, it will be next to impossible to declare bankruptcy.
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>Rather interesting – no new taxes but increased revenue due to reduced deductions!
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>This might put home ownership on a level with renting! However, a new home here costs about $5000 a month, while you pay half that amount to rent an older house.