Friday, February 19, 2010

How far will the U.S. Government reduce Itemized Deductions in 2010, such as the Mortgage Interest Deduction?

The National Association of Realtors' Eye on the Hill featured the subject ...

Protecting the Mortgage Interest Deduction

Major Highlight:

  • The mortgage interest deduction has been part of U.S. tax policy since the federal tax code was first enacted in 1913.

What are some members of Congress saying on this important issue?

In the past, most Members of Congress have supported our views and also opposed changes to the MID. Senator Max Baucus, Chairman of the Senate Committee on Finance, and Representative Charles Rangel, Chairman of the House Ways and Means Committee, along with their other colleagues, pointed out in 2009 that changes to itemized deductions were ill advised stating "some of the reforms and offsets contained or referenced in the budget, such as the limitation on itemized deductions, raise concerns and will require more study as we determine the best policies for getting America back on track."


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