Deficit Panel Recommends

Posted November 10, 2010

We all probably knew most of this was coming –

Eliminating or reducing the mortgage interest tax deduction
Increasing retirement age
Reducing Social Security COLA increases
Reducing or eliminating benefits for higher income seniors
Increasing federal gas tax
Three year freeze on federal salaries
Eliminating earmarks

“One option proposed is to completely eliminate so-called tax expenditures — including popular deductions like the mortgage interest tax break”

The first four will probably be impossible to pass through congress. The last three have a little better chance. In this proposal FICA simply becomes a tax for higher income seniors. After all, whose money is it? This was supposed to be a forced saving plan and we would get our money back at some point.

Deficit Panel Recommendations

Commercial realtor

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