Please Mr President
I'm writing today's blog in response to the U.S. Executive Branches budget proposal that will limit itemized deductions including the MID: Mortgage Interest Deduction. This proposal will affect homeowners of all walks of life.
A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on the loan which is secured by their principle residence. One of the foremost benefits of owing a home are the tax deductions. The standard justification for the MID is the added incentive it provides to becoming a homeowner.
In my personal and professional opinion the mortgage interest deduction is constitutive to the stability of the American housing market and economy. I hope my President and Congress will do no harm. It is a known fact that American homeowners pay 80%-90% of U.S. federal income taxes. Raising taxes by limiting deductions like the mortgage interest deduction will critically corrode home values at levels across the board. Middle class wealth accumulation watch out.