Should the Mortgage Interest Deduction be Protected?

November 13, 2017


The mortgage interest deduction could be on it's way to be heavily reduced if the current legislative effort succeeds. The current debate is whether or not the MID should be protected or not.


"The housing lobby’s effectiveness is measured by its success at garnering subsidies. But the proposed House bill, the Tax Cuts and Jobs Act, would be a shot across the industry’s bow," according to a National Mortgage News post from Edward J. Pinto


"The stage is now set for a crucial debate between two competing visions: the House plan — which would disincentivize the MID by raising the standard deduction and capping loans qualifying for the MID at $500,000 — and Senate tax reform legislation that effectively would leave the deduction intact."


The argument states that the MID would help the housing lobby but it would not effectively help homeowners. Pinto believes that taxpayers could end up on the wrong side of the deductions causing a pretty serious ripple effect.


To read more about Pinto's thoughts, click on the image above. Do you think the MID should be reduced? 



Share on Facebook
Share on Twitter
Please reload

Recent Posts

Please reload

Featured Posts

Gateway First Bank Expands With 34 New Mortgages Centers Across The Country

January 8, 2020

Please reload

Follow Us

  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Facebook Icon
  • Grey Twitter Icon

 Stay updated on the latest news, tips, and event info in the mortgage industry. 

© American Business Media, LLC.