Dear Mr. Levine,
Thank you for taking the time to write to me with your concern about the future of the mortgage interest deduction and your support for House Resolution 25. I appreciate hearing from you on this important issue and welcome the opportunity to respond.
You may be interested to know no legislation to eliminate the mortgage interest deduction for homeowners has been introduced during this Congress so far. As 67% of Americans own their own home, a change in this deduction would have had a far-reaching effect on the fragile budgets of American families in San Diego and across the nation. It seems unfair to make that type of change right now, especially when mortgage lenders are to blame for many of our current financial problems. With the economy now in recovery mode, it would not have been advisable to do anything which might derail that progress.
That said, the mortgage interest deduction costs the federal government $96.8 billion annually. To establish long-term stability in the housing market, it is important that we evaluate the incentives that exist within the market to make sure they are not creating negative externalities or causing unintended consequences. Rest assured, as I discuss this important issue with my colleagues, I will be sure to keep your support for this resolution firmly in mind.
Once again, thank you for contacting me. As your representative, I both need and value your thoughts and ideas. Please sign up for my E-Newsletter on my website www.house.gov/susandavis, if you would like to receive regular updates about what is happening in Congress.
With warm regards,
SUSAN A. DAVIS
Member of Congress
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