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Articles tagged with: National Commission on Fiscal Responsibility and Reform

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[8 Dec 2010 | One Comment | 1,787 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 …

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[4 Dec 2010 | 5 Comments | 3,973 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 | 2,243 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 | 2,165 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 …