Home-equity deductions under threat
Home- equity loans and credit lines - have entered the gun sights of a key congressional committee.
The staff of the influential Joint Tax Committee, which advises the House and Senate on tax policy issues, has proposed the elimination of 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.”
