You mortgage deduction will be in jeapordy.
A report by the GAO, they are stating in plain English that numerous tax deduction that we currently enjoy are unsustainable and will be gone at some point, including the mortgage deduction. This is because the baby boomers will require a huge tax base to support their unfunded, asset oriented, savings-less retirements. So another way that baby boomers will end up screwing the next generation. Let's go through the list. Stock bubble, real estate bubble, enormous debts and now it will be higher taxes. Thank you!