11 Oct How Do Voters Feel About Home Owner Tax Incentives?
Midterm elections are on the horizon and some of the hottest issues right now have a lot to do with tax incentives that support homeownership.
According to a recent NAHB.com article, respondents to a NAHB commissioned survey overwhelmingly support retaining federal tax incentives that promote home ownership. Approximately 80% of respondents say that the current incentives in place should remain as they have been in effect since 1913.
It’s interesting that those surveyed ignore the Administration’s concern for an increasing federal budget deficit. In fact, 70% of respondents say that would be less likely to vote for a candidate for Congress who wanted to eliminate the home mortgage interest deduction.
A strong 82% of renters that participated in the survey favor those tax incentives that promote homeownership. It raises the question of what might happen to potential buyers if those incentives are reduced or eliminated. The overwhelming response by renters strongly indicates that those with plans of buying a new home in the future will do so with tax incentives in the back of their minds. What will these future buyers do if the tax incentives they were counting on disappear?
It is interesting that 76% of Republicans, 75% of Independents, and 64% of Democrats oppose the elimination or reduction of these tax incentives. There is little doubt that this is an issue that will play a major role in the coming midterm elections.