Your Help is needed to Preserve the Mortgage Interest Deduction

By
Real Estate Agent with Marilyn Boudreaux, Century 21 Bono Realty 0912122870 LA
mortgage interest

American Homeowners have been able to deduct mortgage interest for years. You probably just finished filing your 2010 taxes and if you are a homeowner I bet you deducted your mortgage interest. Well now The Mortgage Interest Deduction is under risk of being cut by our government!

This message is not just for REALTORS it is also meant to educate consumers that REALTORS represent. So take a listen at what "Moe" the National Association of Realtors President Elect has to say about preserving the Mortgage Interest Deduction. We must let our voices be heard on this!

Consider the consequences if homeowners and buyers lose the Mortgage Interest Deduction. The bottom line is you may well lose personally, and for certain so will your business if it is eliminated or significantly reduced in any way.

I urge you to send a letter asking your U.S. Representative to cosponsor H.Res25, a bipartisan House resolution that affirms the value and importance of the Mortgage Interest Deduction. We must speak loudly and clearly with one voice to ensure the further recovery of our economy and the housing market and educate every legislator about how much the Mortgage Interest Deduction matters. Economic recovery is not possible without a vibrant housing market.

Right now is the right time to urge Congress to preserve, protect and defend the mortgage interest deduction (MID) before they whittle down MID at the expense of other more expedient budget cuts.

So please, take action to Preserve, Protect and Defend the Mortgage Interest Deduction.

Originally Posted at:Lake Charles, LA Real Estate By Marilyn Boudreaux

 
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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lou Ludwig 04/21/2011 09:23 AM
Topic:
Mortgage / Finance
Groups:
The Lounge at Active Rain
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Tags:
mortgage tax deduction
mortgage interest deduction

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Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Yes, Marilyn. We need to preserve the M I D - not sure why Government comes up with these ideas...

Apr 20, 2011 05:17 PM #1
Rainmaker
3,828,991
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Marilyn,

Thanks for the great video and you are right we need to fight to keep this perk of home ownership! Our current administration would be happy with a nation of renters and that is NOT what Americans are about!

Apr 21, 2011 12:34 AM #2
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1,154,258
Bryan Robertson
Los Altos, CA

Hi Marilyn,

I wrote this comment on another similar post earlier.  I'm not saying we shouldn't support the MID.  What I'm saying is that we need to be prepard with logical arguments for how it actually impacts the net tax paid by homeowners if the MID is cut and the tax rates are modified.  It turns out that with some of the proposed flat tax rates people pay a little more per year but not much.

What I wrote was:

NAR's argument for keeping the MID is emotional and not logical.  If the net tax impact is nearly identical with or without the MID, then there's no reason to keep it.  That said, I think we should be prepared for a compromise where the MID is cut for a certain number of years as a means of filling the Federal coffers.  If that happens, we need to be prepared for how to address that and look at how the MID or lack thereof actually impacts our clients if their tax rates are cut as well.

Apr 21, 2011 02:22 AM #3
Rainmaker
558,018
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Marilyn,

One bit of good news about the MID is that it pertains to the top wage earners only... g

Apr 21, 2011 06:22 AM #4
Rainmaker
3,248,015
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Marilyn

We will need a lot of help on this issue, and we have to gather the support from our customers. and the folks in our communities.

I will play it forward and re-post it.

Good luck and success.

Lou Ludwig

Apr 21, 2011 09:17 AM #5
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Marilyn Boudreaux
Marilyn Boudreaux, Century 21 Bono Realty - Lake Charles, LA
Lake Charles LA Century 21 Realtor

Bryan thanks for sharing I am still in favor of preserving what is in place, MID has been around for years I just wish the government would quit messing with a good thing in many ways.

Lou thanks for helping spread the word

Gordon, the top wage earners probably want the deduction :)

 

Apr 21, 2011 05:38 PM #6
Rainmaker
544,206
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

It would be brutal for homeowners, and the real estate industry alike, if they took away the tax break.

Apr 22, 2011 05:39 PM #7
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