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2011-07-11 16:13:09 Targeting the Mortgage Interest Deduction
The Mortgage Interest Deduction has been part of Income Tax laws in this country since 1913. The United States of America is one of the few countries in the world that allow such a deduction. Our goverment has always supported homeownership as is evidenced in the different tax benefits it receives.
There is an interesting relationship between a good economy and a healthy housing market. Contrasted to profits from the stock market which tend to be plowed back into other investments, profits from home sales tend to be spent on consumer products that directly benefit the economy.
The National Association of REALTORS supports the MID and reports that one job is created for every two homes sold. It further states that $60,000 is pumped into the economy for each home sold and that homeownership accounts for over $2 Trillion of the U.S. gross domestic product.
American homeowers are currently paying 80-90% of all federal income tax collected. Some economists believe that a healthy housing market is a leading indicator for economic recovery and that tampering with a significant homeowner benefit like the mortgage interest deduction would hurt the economy. |
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2013-05-22 13:00:06Beaverton/Aloha 3-Month Stats - 4+ Bedroom Homes 2013-05-13 09:25:37 Why Am I Making My Landlord Rich? 2013-04-29 10:01:52 Most Recent Statistics 2013-04-24 07:48:26 Dear Mr./Ms. Buyer, 2013-02-11 10:44:31 Beaverton's Housing Inventory Broken Down by Price 2013-01-31 11:00:29 Beaverton: Where'd All The Houses Go?! 2013-01-18 10:11:06 Are You Prepared?? 2013-01-10 06:45:12 Did you know this about Beaverton area real estate 2012-10-10 13:07:00 Fed's Move Makes NOW A Great Time To Buy! 2012-01-16 14:36:34 Which Is Your Better Choice? 2011-12-28 08:35:38 'This year I'm going to...' 2011-12-20 12:17:09 Gifts 2011-12-15 08:47:15 Home 2011-11-30 08:51:55 Why pay full price? 2011-11-22 11:22:15 The Best Way Home 2011-11-15 18:46:20 Waiting - Waiting - Waiting 2011-11-09 11:17:47 One Size Doesn't Fit All 2011-10-26 08:54:44 Yours or Theirs 2011-10-17 14:45:08 For Sale By Surviving Spouse 2011-10-10 19:35:12 You Must Be This Tall To Ride 2011-09-23 12:17:18 Portland-Vancouver Listing Prices Up 10.52% 2011-09-19 15:18:48 Where Does My Money Go? 2011-09-14 10:38:05 Portland ranks 4th Healthiest City! 2011-09-12 10:50:18 Converting a Home to a Rental - Is It For You? 2011-09-06 10:50:12 Competing With Cash Click here to see ALL articles. |
It's obviously going to be a Herculean task for Congress to balance the budget and reduce the deficit. It's sort of like the country song lyric that goes 'everyone wants to go to Heaven but nobody wants to go now.' It is estimated that the mortgage interest deduction cost the government $100 Billion last year which is why it is a target for cuts.