[Chat] Md mortg interest write off to be dropped?
Stephen J Gewirtz
gewirtz at bellatlantic.net
Thu Jan 26 14:08:05 EST 2012
Christine,
As I understand the proposal, an individual making more than $100K or a
couple making more than $150K would reduce itemized deductions by 10% or
20%. Since the deductions for home ownership are the largest deductions
for most people, those with higher incomes would lose a part of that
deduction. But he is not proposing doing away entirely with the
deduction. The headline on the article below is just plain wrong.
Steve
On 1/26/2012 1:40 PM, langwidge at comcast.net wrote:
>
> Would someone on the list comment on the likihood of the
> governor doing away with the home mortgage deduction in Maryland.
>
> Christine
>
> *Mortgage Interest Deduction May b Eliminated In Maryland *
>
> **by Joe Alero 1/24/2012 sbynews.blogspot.com
> <http://sbynews.blogspot.com/>
>
> Governor O'Malley announced his budget proposal which will reduce the
> deductions of all Marylanders who itemize and make more than $100,000.
> Most heavily impacted is the Mortgage Interest Deduction.
>
> Instead of introducing the proposal as a separate bill, where it would
> have a hearing at which MAR could testify, the Governor is including
> it in BRFA, the Budget Reconciliation and Financing Act, which means
> that there will be no hearing or testimony on this specific
> provision. The proposal to reduce deductions for Maryland taxpayers
> will disproportionately burden Maryland homeowners.
>
> The two most important deductions for Maryland homeowners are the
> mortgage interest deduction and state and local property tax deduction.
>
> Over 50% of Maryland taxpayers itemize, the highest proportion in the
> country. Maryland has the highest percentage of taxpayers, almost
> 38%, claiming the mortgage interest deduction. The mortgage interest
> deduction and real estate taxes account for almost 70% of total
> deductions for Maryland taxpayers. In 2008, almost 1.1 million
> Maryland taxpayers claimed the mortgage interest deduction. That same
> year, over 1.1 million Maryland taxpayers deducted property taxes.
> Real estate accounts for over 20% of Maryland's gross state product.
>
> Housing and real estate are one of the most heavily taxed sectors of
> the economy, and Maryland has one of the most aggressive real estate
> tax structures in the country. Maryland property owners already carry
> a significant tax burden, contributing the majority of revenue to
> local jurisdictions as well as 4.6% of state tax revenues. The average
> percentage of state tax revenue from real estate nationally is only 1.8%.
>
>
>
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