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Mortgage interest deduction, Round 2

By: 8 December 2010 One Comment

Thought the fight over the mortgage interest deduction was finished for awhile?

Well, apparently not. On Wednesday, the National Association of Realtors (NAR) said it was asking members to again let their congressmen know that getting rid of the mortgage interest deduction (or MID because some people believe everything should be turned into an acronym) is a terrible idea.

What prompted the NAR to issue another “call to action” to its members?

“Commission co-chairs Alan Simpson and Erskine Bowles hailed the result, and predicted that parts of the plan would be adopted in future legislation,” the NAR said in a statement.

That commission to which the NAR referred is the National Commission on Fiscal Responsibility and Reform, a bipartisan task force put together earlier this year by President Barack Obama for the purposes of reducing the national deficit. On Dec. 1, the commission put together a proposal that would reduce the deficit by $4 trillion over 10 years and included a provision to scale back the mortgage interest deduction (click here for the specifics about the debt reduction plan).

The commission was to send its set of recommendations to Congress, provided that 14 of its 18 members approved of the proposed plan. The plan only got 11 votes on Friday, so the commission members have apparently gone back to the drawing board and are working on something else.

So, there you go. Stay tuned because — if the NAR is right — this issue isn’t dead yet.

About: Ethan C. Nobles:
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.

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