The Mortgage Interest Deduction must be preserved!

With the U.S. government looking ways to cut back and reduce the federal deficit, the homeowners’ mortgage interest deduction is once again on the chopping block.

Almost half of the tax deductions taken by Americans are related to housing and those homeowners who haven’t paid much on principal will be hurt the most. Millions and millions of Americans take tax deductions that can be anywhere from a thousand to tens of thousands of dollars per year, thanks to the mortgage interest deductions allowed.

Lawmakers in favor of eliminating mortgage interest deductions claim that it could save the federal government billions of dollars annually. Research showed as many as 26 percent of homeowners countrywide used the deductions on their taxes.

Real Estate Professionals and far more people believe that if the mortgage interest deduction eliminated, it will severely hurt the real estate market and hurt future home buyers and their family’s spendable incomes.

The National Association of Home Builders said that more than 70 percent of the people surveyed are opposed to any changes in the mortgage interest deduction.

Changes to the mortgage interest deductions will severely affect the housing market and our currently fragile economy for years to come, as well as halt or reverse any gains we had in the last year.

%d bloggers like this: