A lot of times we listen to the news without really knowing how this or that congressional commission’s decision will affect our lives. Well, buddy, get ready to be affected.
The government wants to take away our mortgage interest deduction (MID) – you know, the thing we get to write off on our taxes because we own a house? They are considering this as a way to help reduce the federal deficit. I don’t know about you, but the MID was an incentive for me to BUY a house. I can’t tell you what this will mean to MY deficit.
We can’t sit around waiting to be saved. Please see below for some information from the National Association of REALTORS and then click on this link to send a message to your congressman. https://writerep.house.gov/writerep/welcome.shtml
If you would like a copy/paste version of what to put in your message, scroll to the bottom. You will probably hear more from me on this subject – and maybe a few of my own ideas on how to reduce the deficit – something that has to do with lifelong benefits for congressmen? Anyway – if you own a home, or even are thinking of ever owning a home – SHOUT OUT!
- Repealing the mortgage interest deduction (MID) is a form of tax increase. Families with children would bear more than half of the total increase.
- IRS data show that taxpayers in the 35 – 45 age group take the largest MID on average compared to any other age group of taxpayers.
- First time home buyers would be hurt the most if the MID is curtailed.
- Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.
- The housing market has not emerged from the crisis that began in 2007
I am a constituent and voter in your district and am very concerned that the elimination of the Mortgage Interest Deduction is being considered as a way to cut the federal deficit.
The tax deductibility of interest paid on mortgages is a powerful incentive for me as a home owner. It has been one of the simplest provisions in the federal tax code for more than 80 years.
Changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent. This would negatively impact home ownership for millions of Americans, including those who own their homes outright and have no mortgage.
I see this as a way to further damage home prices and it will hamper the economic recovery, raise foreclosures and hurt banks’ abilities to lend and likely tip the economy into another recession resulting in further job losses for the country. It will effectively close the door on the American dream.
Please lend your support to keep the MID.