Homeownership Tax Benefits Must be Preserved
The Mortage Interest Deduction is vital in keeping housing prices from plummeting to devestating lows, and potentially damaging the economy even further. So why would preserving the MID be crucial to uphold struggling small businesses and the middle and lower classes? The interest payments on loans are added up at Uncle Sam's collection day (April 15) and that interest is allowed to be subtracted from a citizens total yearly income, giving him/her extra cash in their pocket to put back into the economy if they choose. That is the point of the MID, which has worked so well in the past.
Now we face possible changes or elimation to the tax code by Congress. They are currently considering revising the MID or eliminating it completely. Any changes to this code will have devestating consequences to the American people, especially the middle and lower classes. Changes to this law would decrease the value of homes across the nation destroying the recent progress of the weak housing market, decrease salaries of all families, destroy a few million jobs, and will have other rippling effects. It is our duty and responsibility to make sure Congress does not touch a single word to the tax code laws. To do your part, please contact your state Congressman to insist they leave the MID alone. It would benefit a few while crippling the entire nation even further if these laws are revised.