How ‘hedge fund’ Democrats are influencing tax bill

July 16, 2009

I just got this email on the markup of the House healthcare bill:

The healthcare surtax would apply before any tax deductions are allowed (charitable, mortgage, etc.), save one: margin loan interest. So if you want to take out a loan to buy stock, the interest on that will still be deductible against the surtax. But if you want to give to charity or pay your mortgage, you’re out of luck. Those aren’t deductible against the surtax.

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Why do we continue to encourage indebtedness with the tax code? So many wonderful things would happen if we did away with mortgage interest deductibility!

Posted by Rolfe Winkler | Report as abusive