Washington, D.C. – (RealEstateRama) — Congressmen Brad Sherman (D-CA) and Peter King (R-NY) introduced a bipartisan House Resolution expressing support for the home mortgage interest and property tax deductions. Reps. Sherman and King were joined by Representatives Nanette Barragan (D-CA), Paul Cook (R-CA), Dan Donovan (R-NY), Sheila Jackson-Lee (D-TX), Gregory Meeks (D-NY), Carol Shea-Porter (D-NH), Eric Swalwell (D-CA), and Dina Titus (D-NV).
The resolution expresses the sense of Congress that the mortgage interest deduction and income tax deduction should not be further restricted.
“The home mortgage deduction provides benefits for everyone by spurring economic activity and the property tax deduction ensures communities can continue to provide vital services,” said Rep. Sherman. “A change in these tax deductions will undercut home values for all homeowners even those without a mortgage—a disaster for our economy.”
“The mortgage interest deduction and the property tax deduction are essential to stabilizing our housing market and safeguarding home values. These deductions make homeownership more affordable in regions with higher costs of living such as Long Island,” said Rep. King. “Any changes made to scale these deductions back will disproportionately hurt middle-income families. It makes no sense to require hardworking taxpayers to pay income tax on money that was spent on property taxes. The effect of eliminating the deduction is a tax upon a tax.”
As Congress considers tax reform this year, Rep. Sherman will continue working to ensure that these critical deductions are preserved