By Mark Koba | CNBC
Congressional action on the U.S. tax code could dramatically alter one of its sacred cows: the mortgage interest deduction. And the change could come in 2013.
House Ways and Means Committee Chairman Dave Camp (R-Mich) held tax reform hearings in April to eliminate loopholes. He said he’s “carefully looking into revising” the popular provision that many in the real estate business consider crucial to the industry.
Camp said he’d like a total tax reform package before the year is out.
One analyst says the time is ripe to change the deduction—in existence since 1913— which is costing the U.S. government billions in tax revenue while doing little to help home ownership.
