ePicketFence.com Blog

THE MORTGAGE INTEREST DEDUCTION IS BEING CHALLENGED !!! There has been much discussion in Washington lately about eliminating the deduction for mortgage interest (MID).  The National Commission on Fiscal Responsibility and Reform has suggested that this deduction should be eliminated. We think this move would be disastrous to our economy. Changing the mortgage interest deduction (MID) will have a long-range ripple effect on everyone, including the nation's 75 million homeowners,with the most immediate impact on the 47 million homeowners who currently take the deduction. For financially-strapped taxpayers, the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. In 2008, the mortgage interest deduction represented roughly $11,593 for the average taxpayer who had a mortgage. Assuming a marginal tax rate of 25 percent (tax bracket), that mortgage interest deduction translates into an actual savings of $2,898 for the average taxpayer, according to ... Tags: Untagged Read More