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Public Statements

Cardenas Leads Defense of Mortgage Interest Tax Deduction

Press Release

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Date:
Location: Washington, DC

During Wednesday's hearing of the House Budget Committee, U.S. Rep. Tony Cárdenas (D-San Fernando Valley) introduced an amendment protecting the most important tax deduction for middle class Americans, the mortgage interest deduction.

The Cárdenas amendment would have prevented any reduction in the mortgage interest deduction that working families can take on their income tax returns.

Shockingly, the amendment was rejected along party lines, failing with 22 Republicans voting no.

Following an attack on his amendment by Republican Rep. Tom Price, Cárdenas spoke to members of the Budget Committee, "Earlier, you asked the question, "what do some of us have against millionaires?' and I'll say it again, I have nothing against millionaires but therefore, the question before us is, what do you have against the middle class?"

Cárdenas' amendment, if it had not failed, would have changed the Ryan budget to express the belief of committee members that the mortgage interest deduction should remain untouched for middle class families.

Deductions for mortgage interest have been part of the income tax code since it began one hundred years ago.


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