Preserve, Protect, Defend Your Wilmington NC real estate Mortgage Interest

Realtor Action Center: What’s at Stake: Preserve, Protect, Defend the.

It’s time to let your voice be heard again.  Congress is looking at reducing or getting rid of the mortgage interest deductions.  From the National Associations of Realtors:

Legislative/Regulatory Status/Outlook:
Currently, taxpayers in the 33% and 35% income brackets are able to reduce their taxes through deductions for mortgage interest payments, charitable contributions, local taxes and other expenses by 33 and 35 cents, respectively, on the dollar. Under the Administration’s proposal, these individuals would only be able to reduce their tax bill by only 28 cents on the dollar. The Administration estimates that the change would raise $318 billion over the next 10 years.

While NAR has supported and applauds the efforts of the Obama Administration in taking aggressive measures to stabilize both the housing market and the nation’s economy, NAR has aggressively expressed its opposition to the Administration MID proposal. NAR believes the proposal is ill-timed and ill-advised. It would have adverse impact on housing values and the pace of economic recovery.

Most members of Congress have also opposed the budget proposal. To date, limits on itemized deductions have not been part of the legislative agenda. Note, however, that in August 2009, the Congressional Budget Office (CBO) has released its annual report identifying possible revenue sources. These included several new limitations on MID. The CBO report is NOT legislation; it is more like an academic exercise to explore options. Nonetheless, the report cannot be disregarded.


Related Information:
NAR’s Page on Mortgage Interest Deduction

Let your congressman or congresswoman know your feelings about the Wilmington NC real estate mortgage interest deductions.  More mortgage information can be found at www.cbbaker.com

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