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Someone's Gonna Pay. That Someone Is You
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A Presidential panel tasked with coming up with budget cuts and other ways to deal with the deficit proposes a lot of cuts, but also targets, well, you. They want to kill the mortgage interest deduction and other tax breaks, then lower the income tax rate for some people. The net effect: You'll end up paying more. Forget the rate cut, you will pay more. They are not proposing a lowering of revenue. And if you can't deduct the interest on your mortgage, what will that do to already depressed home values? (New York Times)
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