Mortgage Interest Deduction at Risk
Ever since the federal income tax was introduced in 1913, the government has used the tax code to encourage homeownership. Now, as a result of the effort to reduce the federal deficit, the mortgage interest deduction is under fire. Proposed changes to the tax code would have a dramatic impact on home owners and would significantly reduce the value of this deduction.Americans overwhelmingly oppose any action by Congress to tamper with the mortgage interest deduction, but it could be eliminated or scaled back as Congress and the Administration are looking at tax increases in light of deficit concerns.
The consequences would be devastating for home owners, the housing market and the nation’s economy.
Americans – both home owners and renters – overwhelmingly support the mortgage interest deduction. Not only does it help people achieve homeownership, it provides the highest benefit, as a share of taxpayer income, to younger households. It also helps to make the nation’s tax system more progressive.
Learn more from these in-depth reports that separate the myths about the mortgage interest deduction from the reality.
SaveMyMortgageInterestDeduction.com is dedicated to preserving the mortgage interest deduction and protecting homeownership.
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