The Foundations of Homeownership ; Mortgage-Interest Deduction Helps Realize the American Dream

Summary

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For nearly a century, the mortgage-interest deduction section of the U.S. tax code has helped generation after generation achieve the American dream of homeownership. Today, the state of both our nation's economy and its real-estate market are tenuous, still recovering from the excesses of the past decade. But for the past century, responsible homeownership has provided the underpinnings for a strong national economy and stable society. In the ongoing reform of the country's housing and tax policies, the mortgage- interest deduction must be kept as a support for future homeowners and families.

People usually don't buy homes because of the mortgage-interest deduction. They buy homes to satisfy social, family and personal goals. The deduction does, however, facilitate homeownership by reducing the carrying costs of ownership. It is designed to offer a constant and dependable level of support once an individual or family has become an owner and taken on the responsibility of a mortgage.

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The Foundations of Homeownership ; Mortgage-Interest Deduction Helps Realize the American Dream

The deduction is not a tool for the nation's wealthiest to subsidize their vacation homes, as its detractors claim, but ...

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