www.lasvegasmtg.com Report: Will Federal Government repeal Mortgage Deduction?
www.lasvegasmtg.com Report: Will Federal Government repeal Mortgage Interest Deduction? This was a question that was asked to Paul Bell reporter for Las Vegas Review Journal dated Saturday January 8th, 2011. To read the whole article click here.
The answer is yes there is currently a serious look at either eliminating the total Mortgage Interest Deduction or putting limits on the amount you can deduct. If limits are put in place it would be only a matter of time before the total repeal would be in place.
The bi-partisan panel of legislatures on the Federal Deficit Reduction Committee on reducing the national debt has proposed the the curtailment of Mortgage Interest Deduction. While some economists even want to eliminate the total deductions for Mortgage Interest that home owners now take for granted. This would eliminate 80 years of tax code policy if enacted.
The National Association Realtors is vehemently opposed to any legislation that would restrict or eliminate the Mortgage Interest Deduction. National Association of Realtors conducted a survey of 3,000 of Home Owners and Renters and found that 75% of the respondents were in favor of the tax credit of Mortgage Interest Deductions.
There are currently 75 Million Home Owners in America and 68% of these Home Owners or 51 Million have Mortgage Interest Deductions.
National Associtaion Of Realtors provides this argument that if there is a reduction or elimination of Mortgage Interest Deduction there would be a decline in home values by 17%.
While we are in one of the worst economic crisis since the Great Depression, any hopes of recovery has been based on seeing strength of home sales and the decline of Foreclosures. This proposal if enacted would virtually kill any hopes of a recovery in home sales or the economy and would only give more reasons for home owners to do a Strategic Default. We must be vigilant on this assault to reduce or eliminate the Mortgage Interest Deduction our Jobs are dependent on it.