The American Dream Essay - 1411 Words

INTRODUCTION For decades, the idea of homeownership has become synonymous with that of the American Dream. In order to encourage Americans to pursue this dream, the United States federal government has created a bevy of programs that subsidize homeownership, including mortgage loan insurance provided through the Federal Housing Administration (FHA), government sponsored enterprises such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) that increase the money available for lending, and the home mortgage interest deduction. When Congress re-introduced the federal income tax in 1913, the home mortgage interest deduction was included along with a number of other deductions as a concession for making citizens pay federal income tax. The deduction works as follows: if homeowners meet certain prerequisites (i.e. filing a Form 1040 and itemizing deductions on Schedule A, personal liability for the loan amount, and the payment is being made on a qualified home) they can deduct their mortgage interest payments from their adjusted gross income. Over time, this has become the most popular deduction for millions of Americans. As with many government programs, there are additional stipulations and elements to the mortgage interest deduction. There are two types of debt that can be considered for the deduction: (1) acquisition debt, or the amount taken out to purchase, build, or improve your home, and (2) equity debt,Show MoreRelatedImmigrants And The American Dream1362 Words   |  6 PagesImmigrants and the American Dream In the article â€Å"The American Dream†, by James Truslow Adams in The Sundance Reader book, he stated that the American dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and highRead MoreThe American Dream By Kimberly Amadeo1637 Words   |  7 PagesNowadays, a large number of people migrate to the United States to work and achieve the American Dream. 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