Monday, December 23, 2013
Congress Aims to Eliminate Home Mortgage Interest Deduction
AMERICA’S HOMEOWNER ALLIANCE SOUNDS ALARM: HOME MORTGAGE INTEREST DEDUCTION UNDER ATTACK
The first deduction to have been created in the income tax code should be the last one to go, says AHA.
“They are telling us if we like our deduction, we can keep our deduction…
unless Washington changes its mind
FOR IMMEDIATE RELEASE
America’s Homeowner Alliance (www.myaha.com), is raising the alarm about proposed legislation in Congress that aims to significantly reduce or potentially eliminate the home mortgage interest deduction for millions of homeowners. Such a move would place a financial burden on the budgets of homeowners across America and experts have predicted that such a change in the tax code could reduce home values.
CALL 516-735-5468 or e-mail Sandy to schedule interviews with Tino Diaz, President & CEO of America's Homeowner Alliance.
“When the tax code was created, the mortgage interest deduction was one of the first benefits made available to homeowners. It is just as important today as it was in 1913 and we don’t believe Congress should reduce or take away this important financial benefit for investing in America,” said Tino Diaz, the President and CEO of America’s Homeowners Alliance.
Diaz noted that despite a time of near record low interest rates and low home prices, homeownership is at its lowest level in 18 years.
“Policymakers should focus their concern on the still recovering U.S. housing market; reducing or potentially eliminating the mortgage interest deduction for millions of homeowners should be the last thing Congress should consider.”
Diaz noted that Congress has already taxed homeowners with fees to offset the expense of programs unrelated to homeownership. “This is not the first time Washington has imposed hidden fees on homeowners, but this is the first time they are openly considering reducing or potentially eliminating the mortgage interest deduction. Homeowners and those who aspire to become homeowners need to know what is going on and how that will impact their family’s finances.
“For the overwhelming majority of people, their home is their largest financial investment and policymakers in Washington need to understand how important this investment is to their constituents,” added Diaz.
Diaz also pointed out that the issue doesn’t just affect the 75 million homeowners but also contractors, laborers, plumbers, Realtors, and prospective FUTURE homeowners. He is urging homeowners to join their voice with other members of the AHA in speaking out against this and other policies that impact homeownership in America.
Membership in the AHA is $20 per year and also includes exclusive membership in the AHA Member Rewards Program, offering discounts and rewards when shopping with more than 1,000 merchants offering more than 1 million products and services.
America’s Homeowner Alliance is the first national homeowner alliance dedicated to protecting and promoting sustainable homeownership for all segments of America. Established in September 2013, the Alliance is based in St. Louis, Missouri and serves as the representative public policy voice of existing and aspiring homeowners. The Alliance is a nonpartisan organization, representing homeowners of all ethnic, income and demographic backgrounds. Additional information can be found at www.myaha.com
Posted by Sandy Frazier at 3:18 PM