Subject: Deductibility of state and local taxes as well as mortgage interest is essential!! Comment: Short and sweet comment. Do the math. $5000 in state taxes + $7000 in property taxes = $12,000 deduction. In the 25% bracket, that’s $250 real money per month that homeowners would need to come up with to pay the additional tax. This solution to the AMT will cost middle class taxpayers their homes!! President Bush is going to preside over one of the largest tax increases on the middle class in the history of the country. |