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Rep. Barney Frank (D-Mass.) said at a House subcommittee hearing Thursday that the mortgage interest tax deduction would be safe.
Currently, interest on a mortgage taken out to buy or improve a home can be fully deducted if the amount of the loan is less than $1 million for married couples and $500,000 for singles. Home equity loans taken out for anything else is limited to $100,000 for couples and $50,000 for singles.
But when President Obama released his 2012 budget, the deduction considered a "sacred cow" to homeowners and many trade groups an across-the-board 30% cut to itemized deductions for high-income taxpayers.
Frank, who was later backed by freshman Rep. Michael Grimm (R-N.Y.) said the deduction would be safe.
Frank went on to say that he doesn't think there are enough votes in the House to abolish the deduction and that it will be a corner stone to the future of housing finance Congress is attempting to put together.
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