What many consider to be a staple of American homeownership is expected to be on the chopping block as lawmakers in Washington look to trim the nation’s deficit. The prized mortgage interest tax deduction has been part of the federal tax code since 1913. Currently, it costs the U.S. Treasury an estimated $ 94 billion a year. Congress has tossed around several proposals for amending this part of the federal tax code, including lowering the debt limit to $ 500,000 on first mortgages. Such a move is estimated to return between $ 5 billion and $ 15 billion.
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