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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.

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