President Obama Silent on MID
President Obama's January 25 State of the Union address made no mention of the mortgage interest deduction (MID). The President did express interest in pursuing reforms that would improve the competitive position of Corporate America. Those reforms would not affect the MID. While the President did reference the Deficit Commission report, he did not specifically embrace any of its recommendations. (That report recommended reducing the $1 million cap to $500,000, eliminating the MID for second homes and converting the deduction to a 12% tax credit.) Moreover, the President did not express an intent to lead a battle for individual tax reform, but rather appeared to leave the details of any individual reforms to Congress. The MID is part of the individual income tax.
NAR's Homeownership Matters (HOM) campaign is poised to mount a campaign should formal proposals emerge that would reduce the value of the MID.
Reposted from NAR Website
Regards,
Michael Hon
CEO, The Iron Eagle Realty Team
Associate Broker, Market Pro
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax 208.514.1422
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