Ending at least some home-mortgage interest deductions will likely be part of talks to reduce the U.S. budget deficit, was an article I read in the New York Times!!
High-income taxpayers would likely be most affected by such a decision, the newspaper said, if we make $$ in America then I guess we have to be penalized.
Meanwhile, President Barack Obama and top congressional leaders stepped up talks in search of a deal to avoid the year-end “fiscal cliff,” officials said. The fiscal cliff is a combination of big spending cuts and tax increases scheduled to take effect Jan. 1 unless Congress stops it.
Mortgage interest tax deduction
Diminishing or ending the mortgage-tax break, especially for high-income taxpayers, is likely to be included in that discussion, the Times said of the deduction long seen as untouchable, I think its a big possibility that we as homeowner will be affected.
The National Association of Realtors has strongly opposed eliminating the mortgage-interest deduction for years, saying it “could endanger property values.” I totally agree with NAR, and i for one hope they fight like hell to not let this pass.
Association President Gary Thomas told the Times in an email Monday, “It has always been the NAR’s position that the mortgage interest deduction is vital to the stability of the American housing market and economy, and we will remain vigilant in opposing any future plan that modifies or excludes the deductibility of mortgage interest.”
My own humble opinon is that they need to find cuts somewhere else. the Economy and Market are still to fragile to give them a hit like this.
your thoughts?
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