Take My Mortgage Deduction At Your Own Risk!
“Take My Mortgage Deduction At Your Own Risk”. That’s what tax payers will be saying to their elected government officials and candidates as we approach the election season. The National Association of Home Builders recently released the results of a survey they commissioned to assess homeowner attitudes. One message was fairly clear from the survey: politicians should leave the mortgage deduction alone. Seventy-three percent of voters are opposed to any changes in the deduction. Moreover, sixty-eight percent claimed they would be less likely to vote for a candidate who supported eliminating the mortgage interest deduction.
Mortgage deductions and property tax deductions are the two most important tax incentives buyers get when purchasing a home. Taking that away from them will make home buying less attractive to buyers and put another tax burden on current home owners and it will certainly not help the recovery of the housing market.
If you are a home owner or are thinking about becoming one, let your voice be heard by your political representative about this issue.