The Importance of MID
There’s no question we’re dealing with difficult issues when it comes to the future of our nation’s economy, but in the process, we must not lose sight of the values that helped make our country strong in the first place.
Major changes to home ownership tax benefits like the mortgage interest deduction could adversely affect the wealth of middle- and lower income families and make it harder for them to achieve their dreams of homeownership.
Two-thirds of all families who take the MID earn less than $100,000. Reducing or eliminating this crucial benefit would mean a tax increase for American home owners, who already pay 80 to 90 percent of U.S. federal income tax.
Taxing issues… Ask home owners in your community if they have ever taken the mortgage interest deduction, and what difference it made for them, if any, at tax time. For more information, facts and myths about the mortgage interest deduction, visit http://economistsoutlook.blogs.realtor.org/category/mortgage-interest-de...