As debt talks shift to Obama, GOP Speaker John Boehner, and Democratic Senate leader Harry Reid, taxes remain the logjam. No one wants to be seen as giving ground on that issue too quickly.
The mortgage interest tax deduction is cherished by many Americans as the path to homeownership. But the co-chairmen of the US debt panel say it should be rolled back.
The Senate has so far failed to pass an estate tax bill, allowing the tax to expire this year. Two new proposals, though, aim to reintroduce the estate tax and could generate billions in revenues.
The House voted Thursday to continue the estate tax – an attempt to foil the Bush-era cuts that would have led to the expiration of the estate tax in 2010. But complications remain.