Middle Class to Take Hit to the Pocket Book– Mortgage Interest Deduction is on the Chopping Block.

Perhaps it was inevitable that after 98 years, the middle class homeowner in New York (and elsewhere) should have to shoulder more burdensome tax liabilities through the loss of the Home Mortgage Interest Deduction. According to early reports, Congress and the President are about to wage war over removing deductions for interest on mortgage payments.

See one article here.

Bottom Line– the Federal Government needs more money, and the little guy, mortgaged to the hilt is gonna pay.