There is a new federal proposal that would whack off the mortgage-interest deduction for the lucky ones earning more than $250,000. The proposal would slash the tax rate to those high-earners so they could allocate the funds to health-care. The 33 to 35 percent income brackets taxpayers can have mortgage reduction interest by 33 to 35 cent which also means that interest reduction of $3,500 would shrink to $2,800.
