Bishop Wants to Preserve Deductions

     In a release issued Tuesday, Representative Tim Bishop vowed to protect the mortgage interest and charitable contribution tax deductions that are slated to end next year.
Mr. Bishop said that curtailing or eliminating the mortgage interest deduction would reduce the value of housing nationwide, put more homeowners under water, and take the wind out of the recovery.
Citing a study estimating that eliminating the charitable contribution deduction would mean the loss of as much as $150 billion in annual giving, he said social service organizations are already strained by government budget cuts and increased demand for services, and the deduction should be kept in place.
Mr. Bishop, a Democrat, criticized a Republican plan to scale back or eliminate deductions, credits, and exclusions. He specifically found fault with House Republican Paul Ryan’s 2013 budget plan, which he said would extend the 2001 and 2003 tax cuts and lower taxes for the wealthiest Americans while providing virtually no tax cuts for lower-income families.
Mr. Bishop recently proposed an amendment that would have preserved the mortgage interest and charitable contribution deductions in a tax-reform package, but the measure was shot down along party lines.