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by CareyBot

Responding to sharp criticism of its initial proposal to slash the tax deduction for home-mortgage interest, President Bush's tax-restructuring panel offered a revised and final plan Tuesday to increase its proposed cap on the write-off by 25 percent, media accounts said. But the new level -- ranging from $227,147 to $411,704 depending on a region's housing prices -- still would be far below the average mortgage in high-price markets such as the San Francisco Bay Area, New York City, Washington, D.C., and South Florida, accounts said. Homeowners now can write off interest on up to $1.1 million in mortgage debt. The tax panel's mortgage-interest recommendation is viewed as a long shot to become law. Even boosting the proposed cap by 25 percent didn't stop the panel's plan from being...