LEAVE MID ALONE!
More than half — 53 percent — of home owners recently surveyed say they want Congress to leave the federal tax credit for home owners alone, according to a recent opinion poll at HousingPredictor.com. Those surveyed also say they want Congress to instead focus its efforts on instituting other tax advantages to stimulate the real estate market.
Some congressional leaders have raised the issue of trimming the mortgage interest deduction as a way to increase federal taxes and alleviate the ongoing budget crisis.
The mortgage interest deduction allows home owners to write off the mortgage interest and state taxes paid as itemized deductions on their personal federal income taxes.
The National Association of REALTORS® has strongly opposed any cut to the mortgage interest deduction and has lobbied Congress to protect it.
Source: “Majority of Homeowners Want Federal Tax Credit,” American Banking News (May 2, 2011)
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