One specific tax deduction being discussed is the elimination of the homeowner interest tax credit. This proposal is strongly rejected by the National Association of Home Builders (NAHB). What are the pros and cons of this tax credit? Why is this issue of any interest to the NAHB?© BrainMass Inc. brainmass.com October 17, 2018, 11:26 am ad1c9bdddf
The benefit of eliminating the homeowner interest tax credit is the opportunity to gain about "$150 billion of additional revenue for the federal government" (Handley, 2011). Financial experts say the homeowner interest tax credit encourages consumers to carry more debt, thus contributing to financial instability. They argue that the incentive distorts the housing market. These experts feel Congress should ...
This solution discusses the pros and cons of the homeowner interest tax credit and explains why it is an interest to the National Association of Home Builders (NAHB). Includes APA formatted references.
Five major deductions and two credits to reduce tax liability
Details: You and your spouse are preparing your first income tax return as a married couple. You want to save some money and prepare the tax return yourself, so you need to gather information on the credits and deductions that are available and decide the best way to file.
Utilize the Library, Internet, and all other resources at your disposal. Prepare a list of five major deductions and two credits that can be used to reduce tax liability. Explain the deduction or credit and who qualifies for it.View Full Posting Details