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.
What you can do to help:
Call Congress. First and foremost, we are urging the public to get involved by calling Congress to ask that the mortgage interest deduction be preserved. The public may reach Congress by calling 202-224-3121. The Capitol switchboard operator will help callers identify their member of Congress and connect them.
The public can reach Congress by calling (202) 224-3121
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.
- Forward this message to your family, friends and clients.
- Post this information on your personal and office websites and blogs.
- Share this information on Facebook and urge others to share it as well.
- Tweet about it on Twitter and urge others to retweet. Use the hashtag: #keepthemid.
- 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.
- As you see new information and articles, share these on all your social networking sites.
Here’s some recent news and commentary on the mortgage interest deduction and fiscal cliff negotiations: