[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 130 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. CON. RES. 130

 Expressing support for the current standards of the Federal mortgage 
                        interest tax deduction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 20, 2009

   Mr. Lance (for himself, Mr. Connolly of Virginia, Mr. Ehlers, Mr. 
 Burton of Indiana, Mr. Fleming, Ms. Jenkins, Mr. Boozman, Mr. Rooney, 
Mr. Lamborn, Mrs. Biggert, Mr. Simpson, Mr. King of New York, and Mrs. 
   Capito) submitted the following concurrent resolution; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
 Expressing support for the current standards of the Federal mortgage 
                        interest tax deduction.

Whereas President Barack Obama's fiscal year 2010 budget proposed lowering the 
        current mortgage interest deduction on February 26, 2009;
Whereas households paying income taxes at the 33 percent and 35 percent rates 
        can currently claim deductions at those rates;
Whereas under the Obama budget proposal, they could deduct only 28 percent of 
        the value of those payments;
Whereas for the 2009 tax year, the 33 percent tax bracket starts with couples 
        with taxable earnings of $208,850, when adjusted for personal exemptions 
        and various deductible expenses;
Whereas a taxpayer in the top bracket paying $1,000 of mortgage interest, for 
        example, would see tax relief worth $350 reduced to $280;
Whereas President Obama's mortgage interest deduction proposal will result in a 
        substantial tax increase for middle-income families and serve as a 
        disincentive to pursue the long-standing American tradition of 
        homeownership, which is the cornerstone of the American Dream and a 
        pillar of United States housing policy; and
Whereas decreasing the mortgage interest deduction would further undercut the 
        housing market, exert more downward pressure on home values, and work 
        against efforts to stabilize the housing market and the United States 
        economy as a whole: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That Congress--
            (1) supports the current standards of the mortgage interest 
        tax deduction, as outlined in section 163 of the Internal 
        Revenue Code of 1986; and
            (2) opposes President Barack Obama's recommendation to 
        reduce the current mortgage interest deduction from 35 percent 
        to 28 percent for households paying income taxes at the 33 
        percent and 35 percent rates.
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