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Articles tagged with: mortgage interest deduction

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[21 Apr 2011 | 2 Comments | 4,328 views]
The mortgage interest deduction — retain it, modify it or eliminate it?

In December, it appeared a proposal to radically alter the mortgage interest deduction had failed.
It seems the issue is back on the table as President Barack Obama on April 13 raised the possibility of at least altering the deduction. The U.S. Treasury Department estimates the deduction will cost the federal budget around $100 billion in 2012, so it’s no surprise that Obama is taking a look at the deduction as the aforementioned effort — a report generated by National Commission on Fiscal Responsibility and Reform — was a proposal setting …

Business, News, Politics, Real Estate »

[13 Apr 2011 | 2 Comments | 6,124 views]
Another fight brewing over the mortgage interest deduction

Just a few months ago, an effort to significantly reduce the mortgage interest deduction failed.
National Commission on Fiscal Responsibility and Reform — a task force put together by President Barack Obama — put together a report in furtherance of its mission to save $4 trillion over the next decade. In addition to tax increases, spending cuts and elimination of a lot of tax breaks was a suggestion to scale back the mortgage interest deduction. One of the proposals in that plan was a measure turning the mortgage interest deduction into …

Features and such, News »

[18 Dec 2010 | One Comment | 1,297 views]
The Week in Review

A heck of a lot of things have happened throughout Arkansas this week.
We’ve covered some of those events here at First Arkansas News, but certainly not all of the events followed by Arkansans this week. In the interest of providing a quick summary of some of the stories we’ve followed this week, we’ve put together a synopsis of  some of the more intriguing stories that have come out this week. And, yes, we’ll do the same thing every weekend.
Before getting into all of that, let me make a quick plug …

Business, News, Politics, Real Estate »

[8 Dec 2010 | One Comment | 1,718 views]
Mortgage interest deduction, Round 2

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 …

Business, News, Politics, Real Estate »

[4 Dec 2010 | 5 Comments | 3,908 views]
Mortgage interest deduction — safe for now

The National Commission on Fiscal Responsibility and Reform — a task force put together by President Barack Obama — on Friday decided against sending a national budget reduction plan to Congress.
The budget reduction report, which was to save $4 trillion over 10 years, would have been presented to Congress if 14 of the 18 members on the commission approved of it. The final vote — 11 for the plan and 7 against — was just enough to keep the report from being taken up by Congress for consideration. Click here …

Commentary, Politics »

[1 Dec 2010 | One Comment | 2,175 views]
Editorial — NAR weighs in on proposal to scale back mortgage interest deduction

Remember that draft report from the National Commission on Fiscal Responsibility and Reform that the National Association of Realtors (NAR) told us not to take too seriously a few weeks ago?
That draft has become a full-fledged final report due to be considered by the commission on Friday. The Commission released the report today, prompting the NAR to go from it’s previous “nothing to see here” mode to warning that a reduction in the mortgage interest deduction could further damage still struggling housing markets.
Before getting into all of that, it’s important …

Business, News, Real Estate »

[21 Nov 2010 | 4 Comments | 2,092 views]
Mortgage interest deduction under fire?

Earlier this month, an article in the New York Times got a lot of attention.
Specifically, the publication pointed out that the National Commission on Fiscal Responsibility and Reform – a group appointed by President Barrack Obama to balance the budget by 2015 – was considering scaling back the mortgage interest deduction. That deduction, of course, allows taxpayers to reduce their taxable income in accordance to the interest paid on mortgages.
The National Association of Realtors’ reaction to the news was a bit odd as the group tends to hyperventilate whenever any …