Mortgage Interest Deduction Under Scrutiny
We all know about the huge deficit in the Government and the biggest question – How are we going to pay for this? One answer from the administration is:
Eliminate the Mortgage Interest Deduction!
As current homeowners and would be homeowners the mere thought of this is discouraging and simply not a smart way to jump start the housing industry. This would do more harm than good and we as Realtors are keenly aware of this.
The National Association of Realtors is campaign hard to ensure that the mortgage interest deduction stays in place. To that end California Representative Gary Miller (R-42), along with five original cosponsors have introduced House Resolution 25. The resolution expresses the “sense of the Congress that the current Federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted.
Representative Miller has sent a “Dear Colleague” letter asking other Members of Congress to cosponsor the resolution. In addition, NAR has also sent a letter to the U.S. House of Representatives asking Members to cosponsor H.Res. 25.
You can read the letters HERE.
Let’s hope they’re listening and look for other ways to manage the deficit and leave a very key benefit to home ownership in tact.
Source: National Association of Realtors; www.realtors.org
Filed under: Real Estate
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