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American Federal Mortgage

DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY.

A satirical short film taking a look at the national debt and how it applies to just one family. Watch the guy from the Ferris Bueller Superbowl ...

GOP tax plan would shrink mortgage interest benefit, slash corporate tax rate

House Republicans on Thursday proposed the biggest overhaul of the U.S. tax code in three decades, a plan that would sharply cut tax rates for corporations and individuals while eliminating many popular deductions that Americans have long enjoyed.

At its core, the legislation would deliver the kind of tax relief to companies — $1 trillion over 10 years — that Republicans say will spark economic growth and encourage businesses to create more jobs and invest heavily in the United States.

Far less clear is the bill’s impact on middle- and working-class households. The trade-off between reducing tax rates but curtailing deductions — such as the amount that homeowners can write off for their mortgage interest payments — means the impact will vary widely from one family to another.

Many Americans who need to take out big loans to buy homes in expensive areas such as New York, Boston and San Francisco could see their taxes go up. The Washington region would be a prime example of the trade-offs. High salaries here at lower tax rates would deliver savings off Internal Revenue Service bills. But high home prices mean home buyers take out big loans. The D.C. region is home to six of the 10 counties where residents take the highest average mortgage deduction.

Mortgage deduction helps housing lobby, but not homeowners ...

The battle lines are drawn between those seeking to protect the mortgage interest deduction (MID) and a legislative effort to greatly reduce the use of the MID. Hopefully, this is a battle that taxpayers will win over the housing lobby — the loudest supporter of keeping the deduction intact.

The housing lobby’s effectiveness is measured by its success at garnering subsidies. But the proposed House bill, the Tax Cuts and Jobs Act , would be a shot across the industry’s bow. The stage is now set for a crucial debate between two competing visions: the House plan — which would disincentivize the MID by raising the standard deduction and capping loans qualifying for the MID at $500,000 — and Senate tax reform legislation that effectively would leave the deduction intact.

From the perspective of taxpayer cost and federal budgeting, it’s no contest which plan is better. Since 1994, the cost of the MID, the separate real estate tax deduction (also downsized in the House plan), and other single-family tax subsidies has totaled over $2.5 trillion and in fiscal year 2017 were estimated to cost $141 billion. This does not include the many hundreds of billions in subsidies over the same period provided to or by Fannie Mae, Freddie Mac, the Federal Housing Administration, Ginnie Mae and others, and the $6.7 trillion in taxpayer mortgage debt guaranteed by these same agencies.

American Federal Mortgage Corporation?

Does anyone have any experience with the American Federal Mortgage Corporation?


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