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Mortgage and Real Estate Tax Deduction Study Measures Benefits

Back in November we reported that The President's Advisory Panel on Federal Tax Reform had submitted recommendations to then Treasury Secretary John Snow. Principal among the panel's suggestions were the elimination of federal income tax deductions for state and local taxes which would include the current deduction for local property taxes and the replacement of the current deduction for interest payments on home mortgages of up to $1,000,000 with a tax credit of 15 percent of the mortgage interest paid. The Panel maintained that this change would actually be advantageous to low and middle income homeowners although comments received on this website from those who made the computations based on their own circumstances did not concur, at all! The recommendations would pretty much do away with any deduction for a second owner occupied vacation home which, with some restrictions, is allowed under the current tax code.

Higher card rates studied

FINANCE :Local credit card issuers are seeking approval from the Bank of Thailand to raise their maximum annual interest rate to 20% from 18% now.

The central bank expects to make a decision this week and present its recommendations to the Finance Ministry, according to Krirk Vanikkul, an assistant central bank governor.

He said the central bank would also consider the issuers' proposal to reduce minimum monthly payments to 5% of outstanding card debt, which applies to cards issued before 2004, from the 10% rate that applies to all cards issued since then.

Mr Krirk declined to comment on the central bank's position on the requests, saying only that regulators would balance the benefits of issuers with those of the general public.

Card issuers say that because interest rates have risen, they need to charge higher rates to reflect their increased funding costs.

McClatchy Details Cost of Blocked Sale

SAN FRANCISCO (AP) - McClatchy Co. expects to lose about $163,000 per day if a federal judge blocks the publisher's sale of three northern California newspapers to MediaNews Group Inc., which is banking on the deal to give it more regional clout.

Patrick Talamantes, McClatchy's chief financial officer, estimated the company's potential loss in a sworn declaration filed Monday in response to a motion asking U.S. District Judge Susan Illston to prevent MediaNews from taking over the San Jose Mercury News, Contra Costa Times and Monterey Herald.

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