Home Mortgage Interest Deduction
ByIt is no secret the economy is not doing well. As a result all government entities are looking for money as in ways to raise more either through fees or additional taxes. You may want to consider writing your Congress person about the mortgage interest deduction. I have been selling real estate for well over a decade and every year the deductability of the mortgage interest we pay comes up as something the government seriously considers either doing away with completely or severly limiting it.
Below are some facts that can be used as justification for keeping our mortgage interest deductible.
1. 85% of all taxes are paid by homeowners.
2. Every home that is sold generates approx. $6o,000 spend over time for home improvement and related items.
3. A robust housing market is good for the economy leading us out of 6 of the past 8 recessions.
4. 15% of the Gross Domestic Product is housing related.
5. Housing creates jobs in both the private and public sector.
Would you be able to afford your home if the interest you pay to the bank isn’t deductible? What do you think that would do to the price of your home? And, of greater importance who would purchase homes for rentals (where would the other 15% of the people who don’t want to be homeowners live)? It is something to think about. It would only take a minute to email your elected officials. The home you save could be your own.
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