What happens if we lost Mortgage Interest Rate Deduction??? - This is being voted on Today!!!
This has been a hot topic of debate and I truly believe this will affect real estate. If there are less and less incentives for home ownership more people will just continue to rent instead of buying. I'm sure every broker out there has petitioned their agents to write to their representatives to let them know that they need to vote favorably on this issue. I understand that the government is hurting as well money wise but they should look at the overall budget and decide on what's best for the country as a whole and not protect special interests. What's your thought?
Loss of the mortgage interest deduction at this point could cause further erosion in an already delicate economically devasted industry of both realtors, mortgage bankers, builders and all those involved in the construction industries, not to mention the thousands of jobs that depend on the sale of houses and homeownership. Why are we as a country considering the one incentive that allows many to have the freedom this country to own their own home to be on the chopping block at a time that we can ill afford to lose so many jobs?
The income tax code was first passed in 1894 and then ruled unconstitutional by the Supreme Court. The 16th amendment was then derived to allow Congress to collect taxes. Rates in those days were 1% which started out innocently enough. Interest paid for any reason was deductable and considered a business expense. At that time there was little credit and most people owned their homes with no mortgages.
So the "Mortgage Interest" deduction has been around since the beginning of the tax code in 1913. It was not meant to save any class of taxpayer, but to encourage business
and homeownership. Our country was founded on freedom to privately own land and homes, let your representative know that this is not the time to take away the credit at a time when it generates so much positive good will toward housing and creates jobs. The deduction is as old as the their right to tax!!!!! Let everyone know how important it is to now pass legislation that removes this credit and continues to allow spending for overseas and other venues that do not produce American Jobs or increase our GDP.
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