Home ownership. The American Dream. For many this dream was shattered with the meltdown that started in 2008. Foreclosures and evictions were the order of the last couple of years, and things may only get worse for homeowners.
The mortgage interest deduction claimed by homeowners across the country is up on the chopping block, a sacrificial lamb to be executed in the name of tax reform. As it will cost the Federal government upwards of $100 billion in revenue this year, the home mortgage interest deduction has been deemed by lawmakers as "far too generous to home buyers" as well as "expensive and inefficient."
Deficit concerns are very real, make no mistake. But I've a hunch plenty of lower and middle class homeowners would do more than mourn the loss of this deduction. They would suffer from it.
For those looking for a slightly slanted take on the situation, check out Savemymortgageinterestdeduction.com, a website set up by the National Association of Home Builders (NAHB) where up-to-date news on this battle gets posted.