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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: ild who wrote (26001)	3/19/2005 2:19:40 PM
From: ild	Read Replies (2) of 116555

Congressional Tax Committee Takes Up Home Equity Loans By Kenneth R. Harney Saturday, March 19, 2005; Page F01 The hottest consumer-financing concepts in America -- home equity loans and credit lines -- have entered the sights of a key congressional committee. The staff of the influential Joint Committee on Taxation, which advises both the House and Senate on tax policy issues, has proposed eliminating interest deductions for all second mortgages and credit lines. The proposal is included in a wide-ranging "options" paper that identifies revenue-raising measures to stem the federal budget deficit, simplify the tax code and "improve tax compliance." The staff paper also proposes eliminating the tax-free status of income received by homeowners when they rent out their properties for less than 15 days a year. The curtailment of home equity deductions would raise an estimated $22.6 billion in federal taxes between 2005 and 2009, according to the committee staff. The home rental proposal would raise far less, an estimated $100 million. more... washingtonpost.com

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