Killing the home mortgage interest deduction - CNBC

As Congress and the president struggle with massive budget deficits and debt, one possible tax deduction that has come up for discussion is the home mortgage interest.

A CNBC article quotes the IRS as saying that just a fourth of home owners take advantage of this deduction. People making more than $100,000 a year, the article says, "claim almost half of the mortgage interest deducted," while those making less than $50,000 claim just 8%.

This has become a very hot issue for the real estate industry, which stands firmly behind the deduction, and some experts believe that killing this tax deduction could damage the housing sector recovery.

Read the entire story on CNBC.com.