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Community Scoop » Housing Minister All At Sea On Interest Deductibility

Business Scoop » Housing Minister All At Sea On Interest Deductibility

Detailed text transcripts for TV channel - CNN - 20101213:09:32:00

incoming budget chairman paul ryan has a good plan. that may be more to the ideological preferences of some but i think that s not really the question. the question is where can we find common ground in the middle to approve a package. i think it needs to be evenly distributed. it needs to be fair and credibility and real and not gimmickry. i do think the deficit commission recommendations are credible and certainly ones that we could support. i think again it s just important that this be dealt with in a meaningful way. they are offering up talking about reductions in mortgage interest deductibility and talking about social security increasing age at which you get that. they have sort of offered something. should it be realistic that we need to move in this direction? there are several areas where there are good support getting rid of the special deductions and getting rid of that and

Detailed text transcripts for TV channel - CNN - 20101212:20:32:00

i think again it s just important that this be dealt with in a meaningful way. they are offering up talking about reductions in mortgage interest deductibility and talking about social security increasing age at which you get that. they have sort of offered somethi something. should it be realistic that we need to move in this direction? there are several areas where there are good support getting rid of the special deductions and getting rid of that and lowering everyone s rates and picking up revenue in the process would be a tremendously beneficial to taxpayer fairness equity and simplicity. many changes in social security even public polls are showing that people would support to removing or raising the cap on the income that s subject to the fica tax now.

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