Campaign 2010

Oct 09, 2012

Congressman Dan Webster Supports Raising Taxes for Middle Class Homeowners

Congressman Dan Webster (FL-10) announced today that he supports eliminating the homeowners’ mortgage interest deduction, which would raise taxes for millions of homeowners. Instead of closing special interest tax breaks, Congressman Webster wants to abolish a popular middle class tax break homeowner’s mortgage deduction although Florida still faces a fragile housing market.  

“While Florida families are still struggling in this tough economy, Congressman Dan Webster wants to raise taxes on Florida homeowners by eliminating the homeowners’ interest deduction which benefits millions of middle class Americans,” said Stephanie Formas of the Democratic Congressional Campaign Committee. “Congressman Dan Webster continues to prove that he’s just another career politician looking out for lobbyists, millionaires and special interests instead of middle class Floridians and seniors.”

Over 34 million Americans benefit from this popular homeowner tax cut and 90 percent of homeowners who use this tax deduction earn less than $200,000 a year, according to the nonpartisan Joint Committee on Taxation.

Background

Webster Would Eliminate Mortgage Interest Deduction. In 2012, Webster told the Orlando Sentinel Editorial Board, “I sponsored, along with the rest of the Rules committee, in the last month of session a bill that would bring to a vote by next April a plan that would get rid of all the exemptions and we would quit picking winners and losers.”  When asked if the bill would include the mortgage interest deduction, Webster said, “It would remove tough ones. It would.” [Orlando Sentinel Editorial Board Interview, 10/08/12, @ 22:53]

More than 30 Million Homeowners Claim Homeowners Tax Deduction. Nonpartisan Joint Committee on Taxation (JCT) estimates reveal that 34.6 million taxpayers claimed the mortgage interest deduction for tax year 2009, according to testimony from Dr. Robert Dietz, Assistant Vice President for Tax and Policy Issues, National Association Home of Builders. [U.S. Senate Hearing on Homeownership, 10/6/11]

90 Percent of Beneficiaries of Homeowners Tax Deduction Earn Less than 200,000. According to estimates from the Joint Committee on Taxation (JCT), 90% of mortgage interest deduction beneficiaries earn less than $200,000 in economic income. [U.S. Senate Hearing on Homeownership, 10/6/11]

National Association of Realtors Economist: Ending Mortgage Interest Deduction Will Raise Taxes on Middle Class. The National Association of Realtors found reducing or eliminating the mortgage interest deduction is a de facto tax increase on homeowners. Yun said eliminating the tax break would result in a middle class tax increase. [National Association of Realtors, 7/28/11]


Want the latest updates? Follow the DCCC on Facebook and Twitter: