Some lawmakers questioned whether it was smart to reduce mortgage-interest deductions in the midst of a housing-market crisis. “Isn’t there a concern that limiting the deduction would further depress home prices?” Sen. Pat Roberts (R., Kan.) asked during the hearing.
Charitable organizations are also worried. Indiana University’s Center on Philanthropy said Wednesday that Mr. Obama’s proposals to limit deductions and raise rates, if applied in 2006, would have reduced giving by nearly $4 billion, or 2.1%.
White House Reconsiders Tax Hikes Amid Pushbacks From Dems, Charities
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