Senate Finance Committee Chairman Orrin Hatch (R-Utah) issued a request for ideas and feedback-due today, July 17- on how to improve the American tax system. NLIHC plans to submit the United for Homes (UFH) proposal calling for modest reforms to the mortgage interest deduction (MID) to better serve low and moderate income homeowners and to reinvest the significant savings into affordable rental homes for people with the greatest needs.
It is critical that members of the Finance Committee understand how Congress can use tax reform to help end homelessness and housing poverty in America without increasing costs to the federal government by reprioritizing federal housing policy. The MID does not promote homeownership, increases income inequality, and fuels the racial wealth gap. By embracing the UFH proposal, Congress can provide 25 million low and moderate income homeowners a greater tax break and generate $241 billion in savings over 10 years to be reinvested into rental housing investments for the lowest income households in America.
NLIHC encourages advocates to submit comments to the Senate Finance Committee in support of the UFH proposal by emailing firstname.lastname@example.org today.
For sample comment language, see: http://bit.ly/2u12KVr.
For more information about Senator Hatch’s request, see: http://bit.ly/2siq8f1.
Learn more about the United for Homes proposal at: http://www.unitedforhomes.org/.