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President Obama is proposing to reduce the mortgage interest deduction in the Fiscal Year 2013 budget. If you are a homeowner then I'm sure you are familiar with this deduction but if you are not then you might not be familiar with it. This deduction allows homeowners to deduct the amount of interest that you paid for a mortgage on your primary residence in a given fiscal year.
The California Association of Realtors surveyed 800 people who bought a home in 2012 and 79% of them stated that the mortgage interest and property tax deductions were very important in regards to their home buying decision. I do not think it is a bad idea to allow for a reduction in the mortgage interest deduction in the 2013 fiscal budget for the United States. It is important to note that as written, President Obama's proposal would only reduce the deduction for individuals who earn over $200,000 and married couples filing jointly who earn over $250,000. Therefore, the majority of homeowners will still benefit from the mortgage interest deduction.
20 Comments
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12/9/2017 08:59:01 am
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