I moved Bearlee’s comment over to its own post so we’re discussing real estate in a real estate post not a Make-A-Wish post. I got permission to do so:
Did you notice who is “up in arms”: NAR and National Association of Home Builders , not just any people.
It is truly a sales pitch. So who is promoting it?
Here’s a piece from NAHB
The mortgage interest deduction and the real estate tax deduction are two of the most important preferences for homeowners in the federal income tax code. The deductions promote homeownership and reduce tax liabilities for home-owning taxpayers. Moreover, as this article demonstrates, the deductions are used widely and expansively across the nation. Based on the most recent (2003) IRS data, this article estimates the number of taxpayers who claim these deductions, the average deduction, and the aggregate amounts of mortgage interest and real estate taxes deducted by state and congressional district .