President Obama's 2013 budget will reduce mortgage interest tax deduction for individual incomes >$200K (couples >$250K). Response from Dianne Feinstein on my request to not touch the mortgage Interest deduction:
Dear Mr. Inamdar:
Thank you for contacting me to express your concerns about proposals to limit the mortgage interest tax deduction. I appreciate the time you took to write, and I welcome the opportunity to respond.
As you may know, President Obama proposed reducing the mortgage interest deduction in his Fiscal Year 2013 (FY2013) budget as part of his effort to reduce federal expenditures and address our growing debt and deficit. It is important to know that as written, his proposal would only reduce the deduction for individuals who earn over $200,000 and married couples filing jointly who earn over $250,000.
Please know that like you, I strongly believe the federal government must do more to help distressed homeowners and stabilize the housing market. I understand that you have serious concerns that proposals to eliminate or reduce the mortgage interest tax deduction are coming at a time when many homeowners are still struggling with underwater mortgages or facing foreclosure. I have made careful note of your support for this deduction, and will keep your thoughts in mind should the President's budget proposal or other relevant legislation come before me in the Senate.
Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841, or visit my website at http://feinstein.senate.gov. Best regards.
United States Senator
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