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| U.S. Homeowners Oppose Proposal To Replace Home Mortgage Interest Rates Deduction With 15% Tax Credit |
| Only six percent of homeowners said they favored the proposal.
The remaining nine percent said they were undecided. In
addition to replacing the home mortgage interest deduction - an
important component of the U.S. tax code since 1913 - the
Advisory Panel would eliminate deductions for state and local
taxes, including property taxes; eliminate interest deductions
for home equity loans and second homes; and eliminate the Low
Income Housing Credit. "Our survey represents a random sampling
of homeowners," said |
| Michael Bearden, president and CEO of
HouseHunt-Inc.com. "While not scientifically designed, we feel
that our survey results accurately reflect homeowner sentiment."
Bearden also pointed to a national survey conducted earlier by
RT Strategies on behalf of the National Association of Home
Builders. That survey found that 68% of respondents said they
want to retain current homeowner deductions." In late October,
the million-member National Association of Realtors launched an
aggressive advertising and public |
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| relations campaign to convince
members of Congress and the leadership of key congressional
committees to oppose the Advisory Panel's recommendations. The
real estate industry trade association predicts that home
prices, particularly in high cost areas, could decline as much
as 15% if the proposal is adopted. Eight members of the House
Ways and Means Committee recently sent a letter to Treasury
Secretary John Snow urging the Bush Administration to reject the
Advisory Panel's proposal. One of the committee members, |
Rep.
Jerry Weller (R-IL), said that a typical middle-class homeowner
in his state would see a tax hike of $2,000-$2,500 under the
proposal.
For additional information on HouseHunt, Inc., and the products
and services it provides, please visit the HouseHunt-Inc.com
corporate website.
About the author:
Monte Helme is a national public relations consultant with
HouseHunt, Inc. Visit HouseHunt.com's real estate page to search
homes for sale or find out what is your home worth at
moveUP.com.
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