The budget proposal phases out (may not be the right terminology) the mortgage interest deduction. As far as I'm concerned, there should not _be_ a mortgage interest deduction. There should be a _rent_ deduction. The current set up is heinously regressive. The commentary in the above URL is truly appalling, in that it quotes a guy from NAR saying:
"this proposal will increase the cost of housing for many middle-class families" in places with expensive housing.
There is also a quote from this article:
The WSJ is careful to note that this proposal affects "Upper-Income Americans" -- after all, the brackets affected in TY2009 _start_ with an AGI of $208K+.
What do you think -- does the "middle" class include couples making $208,000 AGI?