Act Now to Prevent Loss of Mortgage Deduction!

 

Whether you are a current homeowner or would like to be one soon,  you should know that Congress, as part of their negotiations on avoiding the "Fiscal Cliff," has made direct references to "closing loopholes" and "limiting deductions" as a way to raise revenues.  It is clear that the mortgage interest deduction (mid) is high on this list of revenue raisers.

 

It is important for the public to know that losing the mortgage interest deduction  (mid), would cost homeowners on the average, almost $4000 per year.  This disproportionately affects the middle class because a larger proportion of the middle class takes the deduction.  Almost 90% of homeowners who take this valuable deduction make less than $200,000 per year and are just an average middle class family.

 

In addition to taking away the biggest deduction that most homeowners have, I believe that it would also significantly stall the housing recovery.

 

We should all be concerned about losing this important tax deduction.  Please call (202) 224-3121 today and let Congress know that you do not want them to reduce or remove the mortgage interest deduction.  This should be done now and considered urgent.  You may also go to www.KeeptheMID.com for more information and to help get the word out.

 

Nancy Puder is the broker and owner of SignatureProperties, a prestigious real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415. Your calls are always welcome!