Special offer

Proposed Elimination of the Mortgage Interest deduction Dangerous Move

By
Real Estate Agent with Century 21 Alpha

Proposed Elimination of the Mortgage Interest deduction The home loan mortgage deduction is the last major tax deduction left for a most middle income tax payers. If it was eliminated only the very wealthy would be able to shelter their income. Be that as it may be this move would eliminate a major incentive to buy a home but more important eliminate the reason and in many cases the ability to keep a home.
This proposed tax change by dramatically increasing the cost of owning a home could lead to massive numbers of people walking away from their currently under water homes and a further collapse of our national housing market. Not a way to revitalize the economy and increase employment. We need to increase our productivity and exports and reduce our expenses not completely devastate  our housing markets and associated financial institutions.
Fred Martin

See article below

http://firstarkansasnews.net/2010/11/mortgage-interest-deduction-under-fire/comment-page-1/#comment-1416

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Fred and Mario - you are to write that it is a dangerous move but, I think, our role as Realtors is to point out all of the benefits of home ownership beyond the many financial rewards:  the chance to do what you want in the space you buy/not rent, wealth building and others.  Good post.  

Nov 21, 2010 07:09 AM
Anonymous
Consumer
If losing the tax deduction would eliminate the reason or ability to own a home, the owner already cannot afford the home. He is cutting his budget too close. There are lots of reasons to own a home, this one is just a bonus. I have always looked at the deduction as helping to offset the maintenance or property tax.
Nov 21, 2010 07:17 AM
#2