NEWS FLASH – We may be losing our Mortgage Interest Deduction – Please Help!

Call your member of congress today to protect the mortgage interest deduction
Congress, as part of negotiations on avoiding the “Fiscal Cliff,” has made direct references to “closing loopholes” and “limiting deductions” as a way to raise revenues. Clearly, the mortgage interest deduction is high on this 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 (Way more than this in Orange County).

What you can do to help:

Call Congress. First and foremost, I am urging my friends and clients to call Congress @202-224-3121. The Capitol switchboard operator will help callers identify their member of Congress and connect them. The hours are Monday-Friday from 9 a.m. – 6 p.m., Eastern Time.

Get the word out. Many people seem to be blissfully unaware that their mortgage interest deduction is in danger. Please do the following to make sure that the message spreads.

  1. Forward this message to your family, friends, and clients.
  2. Post this information on your personal and office websites and blogs.
  1. Share this information on Facebook and urge others to share it as well.
  2. Tweet about it on Twitter and urge others to retweet. Use the hashtag: #keepthemid.
  3. Link to the following web page: www.KeepTheMID.com.  This site has information about contacting Congress, more information on the MID, and links to articles.
  4. As you see new information and articles, share these on all your social networking sites.

This affects all present and future homeowners.  Your call to your Congress member is invaluable.

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Comments

  1. On December 14, 2012 dave stefanides says:

    Jenean:

    Thank you for helping call attention to this critical issue. If we do not speak out, home owners will lose one of the most important tax treatments that they have. The mortgage interest deduction is often a decisive factor in deciding whether or not a hard working family can afford to purchase a home in a high-cost state like California.

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