A couple of weeks ago, The National Commission on Fiscal Responsibility and Reform (a non-partisan group created by President Obama via executive order back in February 2010) released its report titled “The Moment of Truth”
The goal of this report was to identify ways to improve the country’s fiscal situation. Unfortunately, one of the suggestions the commission made in the report was to modify the mortgage interest deduction (MID).
The mortgage interest deduction is one of the greatest tax incentives for home ownership – it’s been in the tax code for over 80 years. Ask any Realtor® in the field and he or she will tell you that the market still has a way to go to get back to healthy levels. While the tax credit did help, making changes to the MID would just put more downward pressure on home prices. And that isn’t what the housing market needs if it is to recover sooner than later.
There is something you can do about it. You can get involved in the process and call your members in Congress and tell them that you strongly oppose the Commission’s proposal to limit of eliminate the Mortgage Interest Deduction.
Here are some things you can say:
- I am a constituent (and if you are a Realtor® – tell them that too)
- I am strongly opposed to the Deficit Commission’s proposal to limit or eliminate the Mortgage Interest Deduction.
- Even just discussing the changing of the MID harms an already fragile market.
- News reports saying that Congress threatens to repeal or limit MID will keep potential buyers on the sidelines and further delay the housing recovery.
- Please oppose any efforts to reduce or eliminate the Mortgage Interest Deduction in any future deficit reduction proposals or legislation.
Homeownership matters and making changes or eliminating the MID is not the way to get the country back on solid economic footing.