ALERT! Congress Has The Mortgage Interest Deduction In It's Sights!!

Reblogger Heather Fitzgerald
Real Estate Sales Representative with REALTY WORLD-Harbert Company, Inc.

Lenn, thanks for sharing this important information with us.  Crazier things have passed, so it is very likely this will also... there has not really been any good news for consumers from Congress in quite awhile...

Original content by Lenn Harley 303829;0225082372

On February 2, 2010, I posted. . . . . .

I HATE TO SAY "I TOLD YOU SO", but. . . . . . . "OBAMA TO LIMIT MORTGAGE

Alert

INTEREST DEDUCTION!"

TODAY?

July 1, 2013.  The latest news from FCAR (the Frederick County Association of Realtors) in Maryland provides the sad news that the U.S. Senate (FOLLOWING THE LEAD OF THE U.S. House of Representatives), at the hands of Max Baucus and Orrin Hatch have "HATCHED" up a plan to create a "blank slate" to eliminate ALL eliminate ALL TAX DEDUCTIONS including the Mortgage Interest Deduction. 

See the ALERT received in my FCAR mail this a.m.

 

M.I.D. at RISK?

 

On June 27th the Chairman of the Senate Finance Committee, Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) announced their plan for tax reform legislation in the United States Senate. A letter to all Senators announced their intention to “mark-up” a tax reform bill this fall and that they would be starting with a “blank slate.” This proposal mirrors the path outlined in the House of Representatives.

 

A “blank slate” means that as a starting point, all tax expenditures including tax deductions such as the mortgage interest deduction (MID) will be removed from the code. Senators will have to request tax expenditures be added to the reform legislation.  NAR will be taking the lead in ensuring that each of those tax provisions is defended in any rewrite of the code. Stay tuned!

 


Pay attention folks.  Don't let the money hungry government win this one by default.  Who is better to decide how to spend their money, the U.S. Congress or United States Home Owners of which more than a third have a mortgage.

 

One thing for sure, I'll be making another contribution to the NAR RPAC.  It's our only line of defense.

The public had no line of defense in the health care industry and we got Obamacare.

The coal industry has no single line of defense against the EPA and it's going to be regulated out of business.

The Department of Homeland Security purchased 1.1 billion rounds of amunition and the cost of shotgun shells has increased by 1/3.

The public has no defenders in the U.S. econony so we got the CFPB.  

We had no line of defense against regulation against oil production and the cost of gasoline doubled in the past 5 years.

Can anyone see any relief for the U.S. consumer??

 

 

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Rainmaker
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Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Heathner, I think they are flirting with danger here...NAR needs to act quickly on this.

Jul 01, 2013 08:10 AM #1
Rainmaker
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Heather Fitzgerald
REALTY WORLD-Harbert Company, Inc. - Greenwood, IN
REALTOR Greenwood Indiana Real Estate

I agree.  If you deal with FHA loans at all, you should read my repost I just did on FHA loans. The government needs to re-analyze several things...

Jul 01, 2013 08:29 AM #2
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Heather.  Home owners do not contribute a lot to politicians pockets.  That's why RPAC is so important.  IMO.

Jul 01, 2013 08:29 PM #3
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Rainmaker
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Heather Fitzgerald

REALTOR Greenwood Indiana Real Estate
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