Your Home Mortgage Interest Deduction Is Being Threatened

The Charleston, South Carolina area is a great place to live or have a vacation home.  The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country.  It is because of these reasons that I believe Charleston SC Real Estate is truly unique.  I look forward to helping you with any of your Charleston SC Real Estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

Your Home Mortgage Interest Deduction Is Being Threatened

Congress and the Administration are looking into scaling back or eliminating the Mortgage Interest Deduction. The consequences would be devastating to the recovering housing market and the tens of millions of home owners who benefit from the deduction. 

The mortgage interest deduction helps make homeownership more affordable by allowing home owners to deduct the interest that they pay on the mortgage for their home when calculating their annual federal income tax.

Contrary to assertions by some economists, the income tax deductions for mortgage interest and real estate taxes primarily benefit middle class taxpayers with incomes between $50,000 and $200,000, according to the findings of a study by the National Association of Home Builders.

Ever since the federal income tax was introduced in 1913, the government has used the tax code to encourage homeownership. Now, as a result of the effort to reduce the federal deficit, the mortgage interest deduction is under fire. Proposed changes to the tax code would have a dramatic impact on home owners and would significantly reduce the value of this deduction.

The House recently introduced a resolution to retain the mortgage interest deduction.  It was introduced by Rep. Gary Miller of California, H. Res. 25 supports retaining the mortgage interest deduction.  At present, there are more than 40 co-sponsors for this important resolution. To learn more about the Mortgage Interest Deduction and how you can help protect it visit http://savemymid.info/ .

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Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com