Barb Hunsinger
Barb Hunsinger
Windermere Real Estate/HKW, Inc.

Take away the Mortgage Interest Deduction? NO WAY!!

Posted on December 10, 2010
 
 
The National Deficit Commission's proposal to reduce or eliminate the Mortgage Interest Deduction (MID)
has me up in arms!
 
The MID has been a mainstay of U.S. tax policy for almost 100 years (1913) and is one of the primary fiscal benefits of home ownership. While only about 30% of all taxpayers in any given year itemize their deductions, more than 3/4 of homeowners utilize the deduction over the period they own their home.

Although it has been a rocky road over the last 2 years, 70% of all Americans still consider home ownership to be part of the American dream.     When purchasing a home, buyers compute the tax benefits, and the deduction is a motivating factor in the decision to purchase rather than rent.   At a time when the American dream seems to be eroding, any compromise of this benefit would have a detrimental impact on home ownership. 

A strong housing sector is critical to the U.S. economic recovery.   Our fragile housing market cannot absorb any negative repercussions to the value of owning a home.   As both a homeowner and a Realtor, I am 100% opposed to the provision that would modify or eliminate the MID. As such I have contacted both Senators Murray and Cantwell to voice my opposition to this proposal.

 If you value and want to defend the Mortgage Interest Deduction, I urge you to contact our Washington State senators.

Senator Patti MurraySeattle Office: (866) 481-9186   Email: http://murray.senate.gov/contact/index.cfm

Senator Maria Cantwell:  Seattle Office: (888) 648-7328   Email: http://cantwell.senate.gov/contact/index.cfm

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