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