To help #WallStreet banks, #GOP targets mortgage interest deduction

For decades, the ability to deduct the interest on a home mortgage has been one of the most untouchable sacred cows of the tax code.

It is particularly revered in Los Angeles and other areas with high real estate prices, where the annual tax savings can be the difference between being able to afford a house or continuing to rent.

Now, Republicans crafting legislation to overhaul the federal tax system and cut rates are considering placing new limits on the home mortgage interest deduction.

And thousands of Californians could feel the pain.

Source: If GOP scales back the mortgage interest deduction, Californians would be hit hardest – LA Times

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