Mortgage Interest Deduction
So far Congress and the President have failed to reach an agreement on the "fiscal cliff" discussion, which includes proposals to reduce or limit the mortgage interest deduction. These proposals have made direct references to closing loopholes and limiting deductions as a way to raise revenues. Clearly, the mortgage interest deduction is high on the list of revenue raisers.
Losing the Mortgage interest deduction will disproportionately affect the middle class because a larger proportion of the middle class takes the deduction. In California 89% of those who took the mortgage interest deduction earned less than $200,000. Losing the deduction would cost the average California taxpayer over $3,900 and potentially stall the housing recovery.
What you can do to help:
Call Congress or write directly to your representatives and urge them to preserve the mortgage interest deduction. You can reach Congress by calling 202-224-3121. The Capital switchboard operator will help you indentify your members of Congress and connect you to their offices. The switchboard is open Monday-Friday from 9 AM to 6 PM, Eastern Time.
President Obama said, tax breaks benefiting middle class families such as the mortgage interest deduction could be at risk if rates for top earners do not rise.
Many people seem to be unaware their mortgage deduction is in danger. Please consider passing this article on to family and friends or posting it on your Facebook page. For more information, you can go to the following webpage: www.KeepTheMID.com.
Please let me know if you have any questions about the importance of the mortgage interest deduction to middle class families and the continued recovery of the housing market. I can be reached at the MagnumOne Realty office in Roseville at 916-899-6571 or by email at firstname.lastname@example.org.
Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.
Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento
Placer County News HeadlinesCalifornia Fires Shutter Lake Tahoe IRONMAN EventDue to unsafe air quality conditions in the Lake Tahoe basin, IRONMAN Lake Tahoe and IRONMAN 70.3 Lake Tahoe will not take place today, Sunday, September 21, 2014.
California Statewide Fire Summary: King Fire 10 Percent Contained Today 6,700 CAL FIRE, local and federal firefighters remain on the frontlines of 6 major wildfires across California.
Subaru BRZ: An Old-School Sports CarThe 2015 Subaru BRZ, a sports car smartly designed for driving enthusiasts who want to own a light, agile car that can provide that elusive fun factor while also looking cool.
California Statewide Fire Summary: King Fire over 80,000 Acres California Fire Update: Firefighters are concerned on the King Fire that this may shift the direction of the fire pushing it back to the South
PCWA Board Declares King Fire EmergencyCalifornia Fire Update: Auburn, CA- Critically important power generation, residential, maintenance, and storage facilities of the Placer County Water Agency
Roseville Fundraiser Raises $18,000 for Upcoming MobilePackA local effort to pack 500,000 meals for malnourished children around the world recently raised nearly $18,000 at a dinner fundraiser
Steinbach Tackles Paranoid SchizophreniaHe began hearing voices in his head at age 15. It started with hearing a man and a woman. They were good voices.
King Fire Forces Air Quality AdvisoryCalifornia Fire Update: The Placer County Public Health Officer and Placer County Air Pollution Control District are issuing this joint Air Quality Advisory to notify the public of poor air quality conditions due to smoke from the King Fire
Sierra College Slashing Annual Water Use by 30 PercentDrought Watch: Rocklin's Sierra College Expected to Decrease Annual Water Use by 30 Percent
Rocklin Claims 26 Million Gallons of Water SavedDrought Watch: City of Rocklin claims a savings of almost 26 million gallons of water by removing some landscape grass, shutting down water parks.
KidsFirst and The Rite Aid Foundation PartnerRoseville, CA -- KidsFirst is the Child Abuse Prevention Council of Placer County, operating three Counseling and Family Resource Centers in Roseville, Auburn and Citrus Heights
California Statewide Fire Summary (9.19.14)California Fire Update: Cooler weather allows progress on King Fire and containment of Dog Bar Fire.