[Congressional Record (Bound Edition), Volume 145 (1999), Part 5]
[Extensions of Remarks]
[Page 7330]
[From the U.S. Government Publishing Office, www.gpo.gov]




  THE MORTGAGE INTEREST DEDUCTION: A POWERFUL TOOL OF UPWARD MOBILITY

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                             HON. KEN LUCAS

                              of kentucky

                    in the house of representatives

                        Thursday, April 22, 1999

  Mr. LUCAS of Kentucky. Mr. Speaker, to so many Americans, owning a 
home means living the American dream. And the mortgage interest 
deduction has allowed so many Americans to fulfill this dream. The 
mortgage interest deduction and the property tax deduction have been a 
part of the Internal Revenue Code since its inception in 1913. It is a 
broad-based deduction, widely available to all taxpayers.
  In 1995, of the 28 million taxpayers who used the mortgage interest 
deduction, 71 percent had incomes below $75,000 and 42 percent had 
income below $50,000. Sixty-seven percent of American households own 
their own home. Most of this growth is among minorities and first-time 
homebuyers. We must ensure that we protect and preserve the mortgage 
interest deduction, a powerful tool of upward mobility.

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