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Wednesday, March 23, 2011

Mortgage Interest Deduction Under Attack

Now THERE is a way to help Housing.

Hey folks,

So all last week we talked about Energy. We talked about how using more of our own, would jump start the Economy, Increase our National Security, Create Jobs, and Lower Prices. Over all, Energy is a key factor in our, and or, ALL Economies.

Another? Housing. Some would say, that Housing is what started us down this Recession Road. Foreclosures on the rise. STILL. No really significant increase in New Homes. People not being able to get loans. People not willing to take the chance with the biggest purchase they will ever make.

So what does this Administration do? Throw money at the Bankers. Move money around. Talk tough. SAY that they want to help the Home Owners, and CLAIM that they want to help those looking for a Home.

However? At the same time, they are looking at killing a HUGE incentive. The Mortgage Interest Deduction. So what does that mean? When you go to file your Taxes, that little chuck that you get to right off, the Interest that you paid toward your Mortgage, will not longer be there. So? You will pay MORE in Taxes.

Now just like higher Gas Prices really having no effect on those in Congress. {Even if they had to pay their own. Millionaires all} People like Rush, or Soros, even people like Mikey Moore, no, none of these people are really impacted all that much with higher Gas Prices. What is $5.00 a Gallon when your Income is in the Millions?

But for Grandma in upstate NY? Trying to heat her Home? The Unemployed trying to drive to interviews? The Single Mom working two Jobs just to put food on the Table, which she may not be able to afford now anyway, now that the Prices of EVERYTHING are going up? These are the people that the reduction or elimination of the Mortgage Interest Deduction will hit the hardest. Those on fixed incomes, and the Middle Class. Receiving even MORE of a benefit from this are those with Children.

Now there are some trying to do something about this.

SaveMyMortgageInterestDeduction.com is dedicated to preserving the Mortgage Interest Deduction and protecting Homeownership.

The income tax deductions for mortgage interest and real estate taxes primarily benefit middle class taxpayers, and larger benefits are collected by larger households and families, such as those with children.

Introduced by Rep. Gary Miller of California, H. Res. 25 supports retaining the mortgage interest deduction.

At present, there are more than 40 co-sponsors for this important resolution.

There are ways for people to take action in support of the mortgage interest deduction.

Owners and renters think tax incentives to promote homeownership are reasonable.

72 percent of home owners agree and 82 percent of renters.
81 percent of the public feels that the mortgage interest deduction should remain in the tax code.

Support is strong across party lines.

69 percent of Republicans, 70 percent of Independents, and 83 percent of Democrats think it's reasonable to have tax incentives for homeownership.

70 percent of the public would oppose a political candidate who proposed eliminating the mortgage interest deduction.

NAHB research reveals that tampering with the mortgage interest deduction would have a disproportionate impact, as a share of household income, on younger home owners.

Analysis by NAHB experts debunks the myth that the mortgage interest deduction is claimed by a relatively small number of taxpayers and primarily benefits higher-income taxpayers.

Other housing provisions might be at risk:

Home equity loan interest deduction.
Property tax deduction.
Capital gains tax exclusion.
Low-Income Housing Tax Credit.
Depreciation for residential rental property.

More information and news releases can be found at www.SaveMyMID.com.
So it WILL effect you. Most of us. This is another POOR choice by this Administration and the Liberal Left, TAX, TAX, TAX, crowd. Now if you want to get involved in this?
Show YOUR support for the mortgage interest deduction and tell your Representative to co-sponsor H. Res. 25:

Call the U.S. Capitol switchboard at 202-224-3121 to reach your Representative's office.

OR

Visit www.House.gov to find your Representative's website and send an e-mail in support of H. Res. 25.

AND BE SURE TO

Thank your Representative if he/she is already a co-sponsor of H.Res. 25 or decides to become a co-sponsor.

Read the resolution
Co-sponsors

Again folks, those hardest hit with Liberal Ideals? Minorities, the Poor, and the Middle Class. You know, those they CLAIM to be trying to help.
Peter

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