It's another classic example of the camel getting its nose under the edge of the tent. The first step came several years ago when Congress cut the mortgage interest deduction for homes priced at one million or more. The latest proposal suggests cutting it to $500,000.
But that's not the funny part. One elected wag had the contempt to play the analogy card, suggesting in these difficult economic times the government could put those usurped funds to "good use." That's what we now know they did with all the money they garnered from the first restriction.
Not that long ago one could deduct the interest one paid on new car loans, credit cards and the like. They confiscated those deductions in 1987. This is the slippery slope of dangerous stuff. Get this in your head and keep it straight: deductions are anathema to all governments.
Fall asleep on this one and, like the line in country song about the guy's girl, "You won't even know she's gone."
http://www.marketwatch.com/story/should-congress-limit-mortgage-deduction-2014-03-22?link=MW_popular
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