By tovarichpeter follow 2012 Nov 28, 12:16am 496 views 1 comment
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As Congress looks for new sources of revenue to deal with the looming "fiscal cliff," a popular ingredient of the American dream could be on the chopping block. It's the mortgage interest tax break, an especially popular deduction in high-cost places like the Bay Area, which allows taxpayers to cut their taxable income by the amount of interest they pay on their home loans. Long seen as an untouchable "third-rail" in Washington, D.C., the break is now on the table as the Obama administration and Republicans look for more tax revenue. While the real estate industry argues the break is...
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I don't think the MID is going away. Its more of a tax subsidy for congress than for Realtors. Many in the house and the senate have two homes - one in their district and another in DC. Being able to write off interest on both is a big deal. Congress rarely votes to take a hit themselves.