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 email@example.com.
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 HeadlinesBlast 825° Pizza in Roseville OpensBlast 825 in Roseville at 1132 Galleria Blvd, Suite 100 celebrates the opening of its newest location.
Sampler Concert in Rocklin at Sierra CollegeThe Sierra College Music Department is proud to present a Sampler Concert on Sunday, September 28th at 3:00pm in Dietrich Theatre on the Sierra College Rocklin Campus
William Jessup University to Host Worship ConferenceROCKLIN, Calif., - William Jessup University will host the fifth annual Worship Conference on Saturday, September 27 from 8 a.m. to 4:30 p.m.
New Protections for Animal Control OfficersAssemblywoman Beth Gaines (R-Roseville)announced that Governor Brown has signed her legislation (Assembly Bill 1511) to provide greater protections for animal control officers in California
California Statewide Fire Summary (9.23.14)California Fire Update: This morning over 8,100 firefighters continue to battle 5 major wildfires burning in California. Yesterday afternoon firefighters fully contained the Nelson Fire
California Fires Summary: King Fire Rages OnCalifornia Fire Update: This morning nearly 6,500 firefighters continue to battle 6 major wildfires burning in California
California Fires May Close Placer County SchoolsCalifornia Fire Update: Placer County public health officials said Monday that a smoke-related Air Quality Advisory remains in effect, emphasizing that they are working closely with school officials on whether to close schools
Gas Prices Continue Downward TrendAverage retail gasoline prices in Sacramento have fallen 2.4 cents per gallon in the past week, averaging $3.66/g yesterday
California Statewide Fire Summary: King Fire 10 Percent Contained California Fire Update: 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