[Chat] Md mortg interest write off to be dropped?

judy berlin jdydee at verizon.net
Fri Jan 27 11:42:40 EST 2012


I hope not.   Judy

On 01/26/2012 01:40 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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