This week President’s Obama’s Deficit Reduction Commission will vote on a set of recommendations to the President and Congress for reducing the Federal deficit. Among the recommendations is a proposal to severely curtail the mortgage interest deduction. Clearly this proposal is of concern to Home Builders and could drive the Home Building Industry further into recession.
NAHB has launched a new website at www.SaveMyMortgageInterestDeduction.com to help provide both members and consumers with up-to-date information on the threat to the mortgage interest deduction.
The site, modeled after NAHB’s successful federal home buyer tax credit site, separates the myths about the mortgage interest deduction from reality and contains fact sheets, frequently asked questions, press releases, media stories, statistics, reports, and more.
Most importantly, SaveMyMortgageInterestDeduction.com tells visitors how to stay informed and make sure their opinions are heard on this crucial issue by connecting through NAHB’s Facebook and Twitter mortgage interest deduction communities and our Eye on Housing blog.
Rest assured that NAHB has been ahead of the curve on this issue on Capitol Hill and in the media, and has proactively developed cutting edge research and polling data to ensure that all of our members’ interests are fully represented as this debate unfolds.
Update: The following is a statement from NAHB Chairman Bob Jones regarding the Deficit Commission’s Proposal:
“While we commend the hard work of the President’s deficit commission to improve the nation’s fiscal situation, this is simply the wrong approach to the problem. It would put a huge tax increase on millions of middle-class home owners by eliminating or devaluing the mortgage interest deduction. The consequences would be devastating for housing and the economy. This would further depress home prices, putting countless more home owners underwater and triggering a new wave of foreclosures. Eliminating or scaling back this vital housing deduction will shrink the local tax base of many communities, causing already cash-strapped state and local governments to further cut jobs and essential services. Given the extreme fragility of the housing market, with 21 percent of construction workers currently idled, tampering with the mortgage interest deduction is just not sound public policy.”