Sentences with phrase «restrict interest deductions»

These limits are sometimes called «earnings stripping» rules and restrict interest deductions to a set percent of income.

Not exact matches

First, change the tax laws that (a) restrict couples who are filing as «married filing jointly» from taking the student loan interest (SLI) deduction for both loans (right now, married couples can only take $ 2,500 total, even if both are paying and have more than $ 2,500 each in interest, whereas someone who is single can take $ 2,500 for himself / herself), (b) phase out the SLI deduction at higher incomes (why should someone making $ 110K be able to take the full $ 2,500, but someone making $ 130K should not?)

The resolution expresses the «sense of the Congress that the current Federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted.»

Provisions in the bill that limit the deductibility of interest on new mortgage loans to $ 500,000, cap property tax deductibility at $ 10,000 for those who can still itemize, eliminate the deduction altogether for second homes, and restrict the utility of the exclusion of gain on the sale of a home would exacerbate the effect.

«Some policymakers are proposing to slash the mortgage interest deduction, eliminate options for low - downpayment home loans and restrict credit to qualified home buyers and builders seeking to construct viable projects,» said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. «Today, we are sending a message to Washington to stop this attack on homeownership.

In 2011, NAR secured 183 bi-partisan co-sponsors for H. Res 25, which «expresses the sense of the Congress that the current Federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted.»