Mortgage Interest Deduction at Risk of Change
The National Association of Realtors and the National Association of Home Builders have recently made public announcements against “any action by Congress to tamper with the mortgage interest deduction”. The NAR claims “the tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years”. If this incentive is no longer available, the housing market, and the economy at large, is at an even bigger risk of non-recovery. Furthermore, the NAR states “any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent”.
The National Association of Home Builders has also made a call to action by launching an entire website surrounding the issue. The site breaks down the myths about the MID and offers instructions for its readers to take action against any potential changes. Visit www.savemymortgageinterestdeduction.com for more details.
Courtesy of Realtor.org and savemymortgageinterestdeduction.com
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