I have no idea what the possibility of this being successfully passed through the legislature is (remember, the Governor can't do this unilaterally, it has to be passed as a revision to the tax code) but if you read the article, under this plan the deduction would not be done away with for everyone, but for people making more than $100K only.
jf On Jan 26, 2012, at 1:40 PM, langwi...@comcast.net wrote: > Would someone on the list comment on the likihood of the governor doing away > with the home mortgage deduction in Maryland. > > Christine > > > Mortgage Interest Deduction May b Eliminated In Maryland > by Joe Alero 1/24/2012 sbynews.blogspot.com > > Governor O’Malley announced his budget proposal which will reduce the > deductions of all Marylanders who itemize and make more than $100,000. Most > heavily impacted is the Mortgage Interest Deduction. > > Instead of introducing the proposal as a separate bill, where it would have a > hearing at which MAR could testify, the Governor is including it in BRFA, the > Budget Reconciliation and Financing Act, which means that there will be no > hearing or testimony on this specific provision. The proposal to reduce > deductions for Maryland taxpayers will disproportionately burden Maryland > homeowners. > > The two most important deductions for Maryland homeowners are the mortgage > interest deduction and state and local property tax deduction. > > Over 50% of Maryland taxpayers itemize, the highest proportion in the > country. Maryland has the highest percentage of taxpayers, almost 38%, > claiming the mortgage interest deduction. The mortgage interest deduction > and real estate taxes account for almost 70% of total deductions for Maryland > taxpayers. In 2008, almost 1.1 million Maryland taxpayers claimed the > mortgage interest deduction. That same year, over 1.1 million Maryland > taxpayers deducted property taxes. Real estate accounts for over 20% of > Maryland’s gross state product. > > Housing and real estate are one of the most heavily taxed sectors of the > economy, and Maryland has one of the most aggressive real estate tax > structures in the country. Maryland property owners already carry a > significant tax burden, contributing the majority of revenue to local > jurisdictions as well as 4.6% of state tax revenues. The average percentage > of state tax revenue from real estate nationally is only 1.8%. > > > _______________________________________________ > Chat mailing list > Chat@charlesvillage.info > http://charlesvillage.info/mailman/listinfo/chat_charlesvillage.info > archive: http://www.mail-archive.com/chat@charlesvillage.info/ _______________________________________________ Chat mailing list Chat@charlesvillage.info http://charlesvillage.info/mailman/listinfo/chat_charlesvillage.info archive: http://www.mail-archive.com/chat@charlesvillage.info/
