Wed February 29, 2012
Mortgage Interest Deductions: A Hot Button in Maryland Goverenor's Budget
ANNAPOLIS, Md. (AP) - Maryland residents who oppose Gov. Martin O'Malley's proposal to cap income tax deductions have held a rally to express their frustration about how the plan would affect mortgage interest deductions.
Opponents braved rainy weather to fill Lawyer's Mall on Wednesday in front of the Maryland State House.
Karen Winterling and her husband David, who are small business owners from Ellicott City, say they counted on the mortgage deduction when they bought their home 10 years ago.
O'Malley's proposal would cap income tax deductions at 90 percent for taxpayers with incomes above $100,000 and 80 percent for taxpayers who make more than $200,000.
The Senate Budget and Taxation Committee is holding a hearing Wednesday afternoon on a big budget-balancing bill that contains the proposal.