Encourage legislators to keep mortgage interest deduction

Letter to the Editor

Editor:

As expected, the House of Representatives passed H.R. 1, the Tax Cut and Jobs Act last Thursday, Nov.  16. The final vote was 227-205 with two members not voting. We anticipate there will also be those in the Senate that have an opinion that the mortgage interest deduction no longer deserves protection.

What those legislators fail to consider is how limiting incentives like the mortgage interest deduction would harm home values and keep more Americans from purchasing a home. The mortgage interest deduction is an important benefit, not just for the millions of current homeowners who depend on it, but also for renters looking to make the transition into home ownership. All told, the mortgage interest deduction is vital to the stability of the American housing market and the broader economy.

Criticism of the mortgage interest deduction is nothing new. But even the harshest critics of the mortgage interest deduction should agree that tax reform efforts that raise taxes on homeowners completely miss the mark.

Unfortunately, reform proposals pending before the Senate would cap the mortgage interest deduction while eliminating other important deductions like the state and local tax deductions. The result: a potentially harmful tax hike on homeowners.

Members of the Highlands-Cashiers Board of Realtors and Multiple Listing Service, like Realtors across the nation, are closely watching the progress of tax reform. We are asking for everyone’s help to urge our

representatives to take a “do no harm” approach for the nation’s 75 million current homeowners, as well as aspiring homeowners still waiting to enter the market. That means maintaining current tax treatment for home ownership and real estate investment throughout the tax reform debate.

Realtors believe the mortgage interest deduction is as important as ever, and the American Dream is on the line. We ask everyone to reach out to members in the Senate and urge them to do the right thing.

Ken Taft

Cashiers

President

Highlands-Cashiers Board of Realtors

Tom Roberson

Highlands

Association Executive

Highlands-Cashiers Board of Realtors

This is just a sample of the hyper-focused on southern Jackson County letters you'll find every week, ONLY in the Crossroads Chronicle.

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