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The home mortgage interest deduction allows homeowners to reduce
their taxable income by the amount of the interest paid on their
mortgages. The deduction is intended to encourage home ownership,
which proponents say remains central to "the American
dream." Since its inception in 1913, the mortgage interest
deduction has been credited with paving the way for middle-class
home ownership and has become a cornerstone of the housing
market.
Seventy-three percent of voters-both owners and renters-believe
the federal government should provide tax incentives to support
home ownership, according to a poll conducted on behalf of the
National Association of Home Builders (NAHB). The poll, conducted
in early May 2011, shows that support for the mortgage interest
deduction is strong across party affiliations. Seventy-seven
percent of voters oppose proposals to eliminate the mortgage
interest deduction, and 63 percent oppose reducing the deduction.
The New York Times conducted a similar poll with CBS News,
which found that more than 90 percent of Americans support the
mortgage interest deduction.
The Budget Control Act, which President Obama signed into law on
August 2, 2011, increased the debt ceiling by $2.1 trillion and cut
$2.117 trillion in spending over the next 10 years. While the
agreement did not deal with tax reform, it established a 12-member
Joint Select Committee on Deficit Reduction that is tasked with
reducing the deficit by an additional $1.2 trillion. The
recommendations, which may include a combination of tax and
entitlement reform, must be submitted to Congress by November 23,
2011. The mortgage interest deduction may be in play over the next
six months as those negotiations progress.
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