The mortgage interest deduction has been a reliable fact of American home ownership for a long time. Best not to mess with it.
Any politicos who have their eye on eliminating the mortgage interest deduction had better take a look at this: The National Association of Home Builders reports that a poll it commissioned earlier this month shows nearly 80% of U.S. voters will support the mortgage interest deduction–at the expense of politicians who do not.
According to the poll, 79% of all respondents, both owners and renters, believe the federal government should provide tax incentives to promote homeownership. Even when told that eliminating the mortgage interest deduction would help ease the federal budget deficit, 72% said they opposed any proposal to abolish it. Among that group, 76% of Republicans, 75% of independents, and 64% of Democrats oppose eliminating the deduction. Meanwhile, 75% of homeowners and 55% of renters also oppose doing away with the home mortgage interest deduction.
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