This is a SCARY and OLD canard that has been around for decades and that this committee probably wrote down at the TOP of the FIRST PAGE of their list. I think it is even being reported to stir up the "class warfare" just like the TOP WAGE EARNERS paying HIGHER TAXES when Bush tax cuts expire....
ELIMINATE THE MORTGAGE INTEREST DEDUCTION??
Be careful what you ask for!
I can point to the benefits of the mortgage interest deduction for many, many past home buyer clients. That's a personal experience and many would say self-serving. I'll accept that, but whom does that home purchase benefit in addition to the real estate broker and agent???
- Home Owners
- Residential Developers
- Residential Developers' Staff
- Builders' Staff
- Garden Shops
- Flooring Companies
- Appliance Manufacturors
- Brick Layers
- Well Diggers
- On-site Sewer Disposal Systems
- Stone Masons
- Heating and A/C Companies
- Siding Companies
- Concrete Companies
- Home Inspectors
- Municipal Code Inspectors
- County Building Permits Staff
- Zoning Staff
- Loan Officers
- Mortgage Investors
- And so many more. . . . . .
So, Congress, whose members never saw a dollar that they didn't want to put in their own pocket, sees that deduction as a solution to the U.S. fiscal problem. The $Billions spend on pet projects that will benefit themselves and their families/friends and contributors directly have avoided becoming a target. Any politician who would vote to eliminate the Home Mortgage Interest Deduction should be required to live in rentals.
SHORT SIGHTED IN THE EXTREME!
This post inspired by Would the Elimination of the Mortgage Interest Deduction Hurt the Housing Market? by Tom Branch.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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