Barack Obama and Joe Biden's Campaign Promise

Family

Protect Homeownership



Create a Universal Mortgage Credit:

Average 1.0 (4 votes)



    The current mortgage interest deduction excludes nearly two-thirds of Americans who do not itemize their taxes. Barack Obama and Joe Biden will ensure that anyone with a mortgage, not just the well-off, can take advantage of this tax incentive for homeownership by creating a universal mortgage credit. This 10 percent credit will benefit an additional 10 million homeowners, the majority of whom earn less than $50,000 per year. Non-itemizers will be eligible for this refundable credit, which will provide the average recipient with approximately $500 per year in tax savings.