Friday, December 10, 2010

Gov Talks of Eliminating Mortgage Interest Deduction

This is a huge deal to current homeowners and anybody who will need a loan in order to ever buy a home. For roughly 100 years, Americans have been able to receive tax deductions for the interest charged on their home loans as a measure to reward the middle class and encourage the American dream. Now, some members of our government are proposing an end to that!

The Federal Deficit Commission has incorporated the elimination of the Mortgage Interest Deduction into a few of their proposals to reduce the deficit. While most of us can recognize that the deficit is a big issue, almost nobody who owns, or plans to own, a home will like this proposal. While I really don't feel it will ever get off the ground, we really need to nip this in the bud early as the potential damage to the housing markets and overall economy are overwhelming.

I really hate "talking points" and I wish I had an easier way of calling into our Senators, but for now, this National Association of Realtors Call to Action should work for you. It worked for me. Please excuse the "talking points" guy and just say whatever you feel, even if its just "I want the MID, I thought that was one of the reasons to buy a house?"  or "How about you congress folk waive your deduction and leave us alone"  link is below