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
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