The Official Online Newspaper of NAHB
Eliminating the deductions for mortgage interest and real estate taxes would raise taxes disproportionately for middle-class households and make the tax system less progressive, according to new research from NAHB’s Economics and Housing Policy Group.
The study also concludes that the benefits of these deductions are collected primarily by middle-class taxpayers, with incomes between $50,000 and $200,000, and that greater benefits are earned by larger households and families, such as those with children.
“Contrary to the claims of some economists, the benefits of the mortgage interest and real estate tax deductions are collected primarily by the middle class,” according to study authors Robert Dietz and Natalia Siniavskaia. “Of the total, 68% of the benefits of the mortgage interest deduction, and 77% of the real estate tax benefits are claimed by those earning less than $200,000. These same taxpayers pay only 43% of all income taxes.” ... Read More
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A flurry of recently issued storm water and regulatory requirements that give new muscle to the U.S. Environmental Protection Agency — with more regulations on the way — are likely to make 2011 a difficult year for home builders and developers as they struggle to rebound from the deepest housing recession in more than 70 years.
More stringent permitting is already beginning to affect builders and developers in the Chesapeake Bay watershed — an area encompassing parts of five Mid-Atlantic states and the District of Columbia — under the newly enacted Chesapeake Bay Total Maximum Daily Load (TMDL) rule, an anti-pollution measure designed to restore clean water in the bay and the streams, creeks and rivers flowing into it.
The EPA is considering the rule as a model for future nutrient reduction actions across the country.
Later this year, the EPA also is expected to propose or complete stronger national storm water regulations and Effluent Limitation Guidelines (ELGs) that further limit turbidity specified in builder and developer storm water management permits. ...... Read More
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