…because I will now praise Nevada Congresswoman Dina Titus for statements she made today in a Budget Committee meeting on The Hill:
“…I remain concerned about President Obama’s proposal to reduce the itemized deduction rate for families with incomes over $250,000. I am particularly concerned with the impact this provision could have on housing and charitable giving.
“The Mortgage Interest Deduction (MID) is an important incentive that encourages Americans all over the country to buy homes. Many consider the MID to be the single most important tax incentive facilitating home ownership in the United States. I am concerned that reducing the value of this incentive would lead to the further deterioration of the housing market. It has become evident over the past few years that the housing market is tied closely to the national economy as a whole. With the economy in its current state, we simply cannot afford to make changes to the tax code that could lead to a further decline in home prices. The housing market in Congressional District Three in Nevada – previously one of the fastest growing markets in the nation – is currently in shambles. Today, nearly 58.2 percent of Las Vegas homes have negative equity. We can’t afford to let prices drop any further by making it less attractive to buy a home.
“I am similarly concerned about the impact the proposal to reduce the itemized deduction rate could have on charitable giving. The tax deduction for charitable giving encourages Americans to make contributions to philanthropic organizations, many of which have been hard hit by the economic crisis. With so many people in need, the services many charities provide are in high demand. I believe that it is the wrong time to make changes to the tax code that could make charitable contributions less attractive.”
Forthwith, let it not be said that I am unwilling to acknowledge sanity when it occasionally visits itself upon Congresswoman Titus.
