Your tax breaks may be on the chopping block at the fiscal cliff. Home mortgage interest, state income tax and charitable deductions. We’ll add it all up.
Fiscal cliff talk is everywhere now. Will we crash? Won’t we crash? Is it real? What’s the deal? There is no deal yet. There may not be one, as the clock ticks down. But if there is, it is likely to include a deal on what Washington now likes to call “tax breaks.”
Like the home mortgage interest deduction. Like tax-free employer-provided health insurance. Like deducting state income taxes. You may not think of these as tax breaks at all. Just what you’ve got coming. But they’re in play. And more, too.
This hour, On Point: the fiscal cliff and your deductions.
Lori Montgomery, covers U.S. economic policy and the federal budget for the Washington Post.
Roberton Williams, senior fellow at the Tax Policy Center.
Diane Lim, chief economist at the Concord Coalition.