Can Your Clients Afford Elimination of the Mortgage Interest Tax Deduction? Do Something About It!

Reblogger
Real Estate Agent with Brand Name Real Estate

This is so important!  Lets all band together and contact our representatives to get the proposed limitations on the Mortgage Interest Tax Deduction stopped!

Original content by Laura Giannotta

It's back...President Obama has again called for limitations on the Mortgage Interest Tax Deduction.  Lenn Harley has been telling us about this for quite a while.

This IS a big deal, so contact your congressional representatives and share your opinion.  If you don't know how to contact them click here.

Here's the letter I just emailed to my representatives.  Feel free to use it all or in part. 

An Open Letter to Senators Lautenberg and Menendez & Congressman Adler:

As a REALTOR® and an Accredited Buyers Representative® working with home buyers in southern Ocean County, I'd like to call attention to a portion of President Obama's budget message that is cause for concern.

The President's budget proposal includes changes to the Mortgage Interest Tax Deduction.  This proposed change only effects families earning over $250,000, but it could be the first step toward total elimination of one of the primary benefits of home ownership.  

President Obama doesn't target the Mortgage Interest Deduction directly, rather he wants to cap the rate of all itemized deductions for couples or families over that $250,000 ($200,000 for individuals)  earning limit. 


The National Association of REALTORS® (NAR®) claims enactment of this proposal will set off a new round of home price depreciation, creating a new housing crisis.

I'll leave the depreciation arguments to NAR®.  What I do know is my first time home buyer clients cite the Mortgage Interest Deduction as the major reason buying rather than renting makes financial sense.

Don't underestimate the importance of first time home buyers.  The Consumer Confidence Index by the NAR® Research Division in December 2009 indicated 43% of the homes sold were purchased by first time home buyers.

Enactment of President Obama's limit of Mortgage Interest Deductions could have a chilling effect on these first time home buyers and buyers at all economic levels. Consumer doubt and uncertainty is not what our Country's economy needs as we struggle toward recovery.

Please oppose any changes to the Mortgage Interest Deductions.

Sincerely,

Laura Giannotta
Manahawkin, NJ

 

 

Laura Giannotta
 Keller Williams Realty - Atlantic Shore
REALTOR-Associate® 
e-PRO®, ABR®
609-384-6121
Laura@JerseyShoreViews.com

Representing New Jersey home buyers and sellers in southern Ocean County;  Homes in Waretown, Homes in Barnegat, Homes in Manahawkin, Homes in Eagleswood, Homes in Tuckerton, Homes in Little Egg Harbor and Homes on Long Beach Island.  You can also contact me about homes in northern Atlantic County;  Homes in Galloway, Homes in Absecon, Homes in Mullica, Homes in Egg Harbor, Homes in Mizpah and Homes in Mays Landing.

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Comments (2)

Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

Many decades ago we got to deduct sales taxes. I remember keeping all those receipts and adding up sales taxes so I could deduct them each year. Then the great Ronald Reagan eliminated those deductions in the great 1986 tax overhaul. That's when I became a flat tax advocate. Still am.

Feb 04, 2010 02:01 PM
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Elimination of the mortgage interest deduction will remove thousands of dollars from the pockets of homeowners who are already struggling. This will cause more foreclosures which will deepen and prolong the recession.

Nov 20, 2010 02:31 AM

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