Today, Moe Veissi, President of the National Association of REALTORS, issued the following statement in response to President Obama’s budget proposal: “As the leading advocate for housing and homeownership, NAR is strongly opposed to elements of President Obama’s budget proposal that would limit itemized deductions, including the mortgage interest deduction, for thousands of families.”
Veissi went on to state that NAR “firmly believes” the mortgage interest deduction is vital to the stability of the American housing market and economy and urged the president and Congress to “do no harm”. Citing the fact that some progress has been made in bringing stability to the housing market, albeit slow progress, and, the fact that homeowners already pay up to 90 percent of the federal income taxes paid in the U.S., raising taxes on them now could “critically erode home values at all price levels. This would destroy middle-class wealth accumulation and trillions of dollars in home values nationwide.”
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