Yesterday, President Obama's financial committee attempted to eliminate the federal tax break currently in place, which has been so since the year 1913. Under current law, American's who own their home are allowed to make tax deductions for 100% of their interest payments on home mortgages at the end of the fiscal year, if their property meets certain guidelines. Deductions from home loan and equity line interest is a major variable when one decides to enter into home ownership and to completely eliminate the deduction now would have crippling effects on what most American's consider to be their greatest asset/investment.
With a struggling housing market, in addition to a depressed economy, we need to leave this tax break alone! The impact of such a move would have catastrophic effects on not only the real estate market, but the various financial sects of the economy across the board. Be sure to contact your representative to reinforce your support for mortgage interest tax deductions and to ensure that they stay around for many more years to come.
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