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NAHB Chairman speaks out against Obama’s deficit reduction speech

National Association of Home Builders’ position

President Obama’s plan to reduce long term deficits as portrayed in a speech at George Washington University has come under fire from the National Association of Home Builders’ (NAHB) Chairman Bob Nielsen.

Nielsen, a home builder in Reno issued a statement noting, “President Obama today reiterated the importance of tax policy in promoting homeownership but endorsed limiting itemized deductions, including the mortgage interest deduction. Home owners cannot afford higher taxes at a time when the housing market is struggling to recover and contribute to economic growth.”

“The President also suggested that many middle-class taxpayers do not benefit from the itemized deductions. In fact, the middle class is the primary beneficiary of the mortgage interest deduction. The reason most taxpayers itemize is because they are home owners, so it is not surprising that nearly 70 percent of the tax benefits associated with this vital tax incentive goes to households earning less than $200,000 a year. Any attempt to chip away at the mortgage interest deduction would represent an attack on middle-class families.”

National Association of Realtors’ Call to Action

Recently, the National Association of Realtors (NAR) took a similar approach to the possible removal of mortgage interest deductions by asking members to support House Resolution 25 which seeks to extend the deduction as budgets are slashed across the boards during Congress’ quest to reduce the bloated budget.

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Where do you stand?

Do you support NAR and NAHB as they fight against elimination of the mortgage interest deduction or do you stand with the President on the matter? Tell us in comments what you think.

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