Bloomberg National Poll: Tax Break for Mortgage Debt Is Ready for the Wrecking Ball
WHAT WOULD IT MEAN FOR YOUR BUSINESS AS A REALTOR OR LENDER?
In this morning's editorial, the editors of Bloomberg state the following: "Forty-nine percent of respondents in a Bloomberg National Poll said they were willing to abandon the mortgage tax break if it meant lower overall tax rates. Only 45 percent opposed the switch."
Bloomberg's editors (no single name at the bottom of the article) believe that "Getting rid of the mortgage deduction is one of the most effective elements of any plan to lower overall tax rates or narrow the deficit. That process should begin in earnest. This is a rare opportunity to make the most of public willingness for change."
- The UK has done away with the tax break for mortgage debt.
- Canada has no tax break for mortgage debt.
- Germany used to have a tax break for mortgage debt, but no longer does.
Whoopee for them!
What I wondered when I read this morning's editorial was this: What would the elimination of the mortgage tax break mean for the Real Estate and Lending business in the United States of America?
WHAT WOULD IT MEAN FOR YOUR BUSINESS AS A REALTOR OR LENDER?
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I'm Mike in Tucson, your preferred Tucson Arizona Mortgage Lender.
NMLS #223495
SUNSTREET MORTGAGE LLC ~ Correspondent Mortgage Bank
Offices in Mesa, Tucson, Sierra Vista & Nogales
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