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December 2nd, 2010 12:02 PM

If you never read another blog from me....PLEASE READ THIS ONE. Consumer and Real Estate practitioners alike must contact their legislators. It is vitally important that we let Congress know that we will not tolerate meddling with one of the ONLY tax exemptions most people can ever take advantage of.

Curtailing the size and scope of the Federal Government, eliminating duplicated or wasteful programs, cutting expenditures across the board is what we advocate. Reducing or eliminating the Mortgage Interest Deduction will negatively impact 17% of the national economy. It will KILL jobs, push increased downward pressure on housing prices and have a devastating effect on the economy. The federal government's loose and mandated lending requirements is how we got into this economic meltdown. Irresponsible tax policy affecting the housing market will only compound past mistakes. Tell them not only no; but HELL NO!

Daily Real Estate News | December 2, 2010 |

NAR Members Caution Lawmakers on MID

In a move to send a preemptive message to lawmakers, the NATIONAL ASSOCIATION OF REALTORS® is asking its members to contact their representatives in Congress by phone with a stern warning about the dangers to the housing market and the economy of reducing or eliminating the mortgage interest deduction (MID) and other programs that bolster home ownership.

The Call for Action came just hours after President Obama’s bipartisan Federal Deficit Reduction Commission yesterday unveiled its plan, which calls for significant reductions to the MID.

The report of the commission, which was created earlier this year to map out ways to reduce the deficit by $4 trillion by the end of the decade, is slated to be voted on by commission members by Friday.

Although it’s not clear the final report will be passed, since passage requires a vote of at least 14 of its 18 members, REALTORS® say they're making their voice heard now, because individual recommendations like cuts to MID and other programs that benefit home ownership could be included in federal budget legislation in early 2011, without regard to what the commission does.

More information on NAR’s efforts to protect home ownership and to preserve MID and other federal programs that reflect the country’s historical commitment to home ownership is at Home Ownership Matters on Realtor.org.

Source: NAR

Posted by Michael Droege on December 2nd, 2010 12:02 PMPost a Comment (0)

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