Merry Christmas! I pray you remember the reason for the season and you be blessed abundantly.
As you may recall, last week I wrote about the Mortgage Interest Deduction, well it’s not over yet. The California Association of Realtors placed an open letter advertisement on Wednesday, in California’s six largest daily newspapers, calling on President Obama and Congress to preserve the mortgage interest deduction in its entirety during their “fiscal cliff” discussions.
The letter was placed as a full-page ad in the Los Angeles Times, San Francisco Chronicle, San Jose Mercury News, Sacramento Bee, U-T San Diego, and the Orange County Register, and states any proposal that eliminates or attempts to alter in any way the mortgage interest deduction undermines a century-old commitment to the American Dream of home ownership. I have attached the letter written by our CAR president to this article for you to see that the Realtors are working for you.
“The mortgage interest deduction makes a substantial difference for lower-and middle-income families,” said CAR President Don Faught, under whose signature the letter was written. “If the deduction is taken away, it would cost the average California taxpayer $3,940 annually; further, more than 694,000 California households would no longer be able to afford to buy a median-priced home.”
“While current discussions involve reducing the limit to $500,000 for a primary residence and eliminating it entirely for second homes, any attempts to reduce the mortgage interest deduction would not only have deleterious effects on homeownership, but also be tantamount to taking the first step toward wholesale elimination of this long-standing deduction,” the letter states.
The letter also asks the public to visit www.KeepTheMID.com to learn how they can contact their member of Congress and ask them to protect the mortgage interest deduction.
Please read the letter from the CAR President Don Faught.
Diane Gallagher is the president of the Lodi Association of Realtors and can be reached at email@example.com.