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And the rates for a thirty year fixed mortgage down for the fourth week in a row but your mortgage deduction on your taxes.
That soon could disappear if some lawmakers get their way Peter Barnes joins us with that story from inside the beltway Peter.
That's right -- are at least some of it the mortgage interest deduction for home -- is back in the cross hairs today on Capitol Hill the house Ways and Means Committee is holding a hearing.
On whether and how to cut it back.
As part of tax reform.
It's a tax break worth about seventy billion dollars this year for some 35 million homeowners proposals from the Obama administration and some in congress.
Would reduce the mortgage interest deduction by capping most itemize deductions particularly for wealthier families also.
Right now you can deduct the interest on mortgages up up up to a million dollars some proposals would cut that to just.
And others want to eliminate the deduction for mortgages on second homes well but you can imagine this debate has got real orders homebuilders and mortgage -- bankers.
Fighting back hard.
And warning that any.
Any reduction in the interest tax break could hurt housing prices and hurt the fragile housing market recovery but many lawmakers in both parties want to preserve some kind of home -- tax benefit for middle class taxpayers.
My biggest concern is that we not pay for tax reform on the backs of working people.
I'm broadening the base and lowering the rate sounds great it's a great bumper sticker it's a great slogan.
-- bet that can't come at the cost of working class family.
One proposal to help those taxpayers would be to replace the tax deduction when they tax credit.
For mortgage interest payments for middle class homeowners and inspect it all right thanks very much Peter Bart.
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