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Us lawmakers now have their eyes on the mortgage interest deduction again.
But the housing industry is pushing to keep that deduction and place always stay in the nation's capital now and move over to Peter Barnes so with the details on that Peter.
Well I -- -- -- -- up public interest group is backing legislation today to limit the size of a mortgage.
That could qualify for the mortgage interest deduction now this bill comes from congressman Keith Ellison Democrat of Minnesota.
Right now you can deduct the interest on mortgages up up to a million dollars in principal.
His legislation would cut that to 500000.
Dollars and you could not deduct the interest on the amount above that.
The popular mortgage interest deduction is in the cross hairs as Washington wrestles with tax reform and the budget.
Right now homeowners deduct -- hundred billion dollars in interest payments each year on their mortgages proposals from the Obama administration some in congress would reduce that.
By capping itemized deductions particularly for wealthier families by reducing the size of a mortgage eligible for the dollar deduction like congressman -- legislation would do or eliminating the deduction for mortgages on second homes as the housing market continues a fragile recovery.
Trade groups are fighting back.
The mortgage interest deduction is the biggest incentive for American's largest wealth generator and that's their home.
We don't think it should be touched.
But however -- everybody has made it clear that everything is on the table when it comes to tax reform.
Home builders realtors and mortgage lenders are expected to ramp up their lobbying efforts even more as this debate continues in Washington but some officials.
Are bracing for some limits on the mortgage interest deduction -- com.
Thank you Peter Peter -- Washington not this is not against.
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