Obama Wants to Eliminate Mortgage Interest Tax Deduction and Reduce COLA for Social Security

Obama isn't going to make any friends this week after leaving from India where it was all feel good for Dear Leader. His commission to reduce the federal debt includes a popular tax deduction that encourages people to purchase homes. That's right, if Obama gets his way, the mortgage deduction in your federal income taxes will be gone forever. Talk about another blow to the housing market. As of now, there are other tax breaks on the table.

As well, Obama wants to reduce annual cost of living increases for Social Security to a lesser percentage, and a curb the growth of Medicare.