Following the release of the Deficit Reduction Commission’s report, which recommends scaling back the mortgage interest deduction, the National Association of Realtors® is warning Congress of the potentially devastating effects of such change on American families and the economy. As part of this effort, NAR placed an ad in several prominent Capitol Hill publications, including: Politico, The Hill, and National Journal.
- Repealing the mortgage interest deduction (MID) is a form of tax increase. Families with children would bear more than half of the total increase.
- IRS data show that taxpayers in the 35 - 45 age group take the largest MID on average compared to any other age group of taxpayers.
- First time home buyers would be hurt the most if the MID is curtailed.
- Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.
- The housing market has not emerged from the crisis that began in 2007.
Congress: The Facts Speak for Themselves
The 1.1 million members of the National Association of REALTORS® strongly oppose proposals to reduce the mortgage interest deduction (MID). Hard-working American families’ budgets are already stressed. Reducing or eliminating the mortgage interest deduction would pull even more money directly out of their wallets. If this crucial deduction is eliminated or reduced, home values will further erode. That’s something America simply can’t afford in this unstable housing market.