Congress thinking about eliminating Mortgage Interest Deduction on your Home! The Mortgage Interest Deduction (MID) is vital to both home ownership and our economy. I'm disappointed that anyone in Congress — or on a Presidential Commission — would even suggest limits to the Mortgage Interest Deduction. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million home owners in the United States. We must act now to make sure the MID is not changed.
Ever since the Deficit Commission announced its conclusions, the news media have been buzzing about the report. And what do they emphasize? Proposals to limit or even eliminate the Mortgage Interest Deduction. I'm concerned because all this does is scare the public — and potential buyers — away from the housing market. The last thing the housing industry needs right now (and for the foreseeable future) is another bucket of ice water to be thrown on the market. People who hear these news reports don't differentiate between a proposal and a done deal. They just know that a tax provision they actually understand and rely on is under siege. This is just unacceptable.
I am asking you to call to your representative's office today to ask him or her to defend the Mortgage Interest Deduction from any cuts or reduction as outlined in the Deficit Commission Report.This call is important. We need to be clear and draw a line in the sand. While we all support efforts to reduce the deficit, further undermining the critical housing recovery cannot be the price that is paid. Here are some suggested talking points for you to use when you call:
We must speak loudly and clearly with one voice to ensure the further recovery of our economy and the housing market and educate every legislator about how much Home Ownership Matters.
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