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Interest Deduction Still in the Bulls Eye

by Frank Taglienti

President Obama updated his budget ideas for 2010 and many of the cherished tax benefits of home ownership are under fire again. Many in Congress are now discussing tax increases as well as other negatives for home owners.

In a budget speech once again brought up the topic of the mortgage interest rate deduction. Many see this as the first step in a longer-range campaign to eliminate the mortgage interest deduction for home owners in general.

Public support for retaining the interest rate deduction is overwhelming. according to a nationwide survey of likely voters in September, nearly 80% supported retaining federal tax incentives to promote home ownership. Most renters aspire to be homeowners someday.

 

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by Frank Taglienti

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Frank Taglienti
Berkshire Hathaway PenFed REALTORS®
565 Benfield Road, Suite 100
Severna Park MD 21146
410-440-0824

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