Daily Real Estate News
- Fed Official: 'We Can Declare Victory on Housing'
- NAR Allows Public-Facing MLS Sites; Leaders to Look at realtor.com Content
- Wells Fargo, Citigroup Halt Foreclosure Sales
- New-Home Construction Falls After Reaching 5-Year High
- Investors Use Retirement Accounts Buy Homes
- Shoring up Flood Insurance Comes at a Cost
When every interest group protects their own turf and the benefits they derive from the current system, nothing gets done. Status quo; the debt grows and may swallow us all. A healthy national economy is more important than losing a small portion of the MID. Let’s agree to make a sacrifice for the greater good of a sound national economy, but insist other special interest groups do, also. Maybe we can get out of this mess and sell more homes.
Agreed. NAR actions reflect the confused identity problem the organization has.
Its words, actions and advocacy often mirror the priorities of the top 1% of wage earners, while the public persona and the stated target of programs is the other 99% of the population.
Add in the skew that comes from such a high percentage of membership coming from the high cost and high value California market, and policy just isn’t hitting the mark.
Wealthy leadership, with heavy management background and income, is steering an entity that represents largely 100% commission sales people who have quite a different reality in their economic lives today. This is neither healthy or productive, and NAR should be working to create and move agendas, not obstruct them.
[...] Source: http://speakingofrealestate.blogs.realtor.org/2012/02/14/budget-again-includes-unpopular-curb-on-mid... [...]
[...] In December 2010, the President’s Commission on Fiscal Responsibility and Reform (the Deficit Commission) released a host of deficit reduction proposals. Those recommendations included (1) repeal the MID in favor of lower tax rates, (2) reduce the $1 million cap to $500,000, (3) eliminate the deduction for second homes and (4) convert the deduction to a 12% tax credit. The proposal has never won significant favor with either party to be considered and the National Association of Realtors (NAR) is firmly objecting to it on the grounds that ”The mortgage interest deduction is vital to the stability of the American housing market and economy,” according to NAR President Moe Veissi. Read more on the National Association Realtors site [...]
[...] the value of the mortgage interest deduction should be curtailed, as President Obama is suggesting in his latest budget proposal. Maybe there should be little or no federal backing of mortgages once [...]
[...] the value of the mortgage interest deduction should be curtailed, as President Obama is suggesting in his latest budget proposal. Maybe there should be little or no federal backing of mortgages once [...]
I am a lifelong Democrat and long term willing taxpayer, but I feel betrayed by President Obama’s continued attacks on the mortgage interest deduction and local property tax deductions. It seems to me to be attack on the middle class.
If he persists in advocating these destructive proposals,
I will not vote for his re-election.
[...] budget proposal, which is expected in early April. Last year the administration called for curtailment in the value of itemized deductions for wealthier households. On February 14, 2012, in Breaking News, Politics & [...]