Mortgage Interest Deduction Changes…One Must Question
President Obama’s released budget proposal last week for FY 2011 budget has recommended that the value of the mortgage interest deduction for upper income taxpayers be limited to the 28% bracket. The currently drafted proposal changes the mortgage interest deduction by reducing the amount of mortgage deductibility on families earning over $250,000 (Adjusted Gross Income), and on single tax payers earning over $200,000 (AGI). This proposed change in the Mortgage Interest Deduction in the current real estate market will result in lowering the attractiveness of home ownership to many.
Letting the government make any changes to this “cherished and essential” deduction that has existed for almost 100 years in any manner is tinkering with tragedy. Once the first “cut” is made by “the government, not just the battle, but the war is over. If history would be reviewed, we would find that they will continue and continue to reduce this deduction to zero.
As a homeowner, what do you think of any of these possible changes? Are these changes making your home “increase in value?”
Call Don Khoury at 540-341-8936, info@realestatephd.com or http://www.realestatephd.com/
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