Tax overhaul bill put on hold
Buried in an article about the House Ways and Means Committee Chairman Dave Camp postponing and extenders bill was some very interesting information about another bill that he is working on. One that would reduce the maximum income tax rate to 25% but also do away with or eliminate mortgage interest deductions–sacred to most homeowners as well as the 1031 tax code that allows real estate investors to put off the capital gains tax on the sale of real estate.
Whether these changes become law or not is an open questions but the fact that these changes are even being considered speaks volumes about the possible scope of changes that will be necessary to reduce our nations debt.
To read the Los Angeles Times article in its entirety CLICK HERE.