It's Showtime! Mortgage Interest Deduction - Take 2

Many Patch readers have asked for information on the debate surrounding the mortgage interest deduction that I detailed in my last blog post so they can share it with family, friends and colleagues. I’ll go a step further… share the information in this post with as many people as possible.
 
In case you missed it:  Congress, as part of the "fiscal cliff" negotiations has made direct references to "closing loopholes" and "limiting deductions" as a way to raise revenues. That makes the home mortgage interest deduction (or MID for short) target #1 on the list of revenue raisers.

Losing the MID 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.
 
So what’s to do to preserve a benefit of home ownership that Americans have utilized for more than 100 years?! How can we stop the administration’s proposal that would limit the value of the MID to 28 cents on the dollar for affected taxpayers, rather than 33 cents or 35 cents? Or actions to eliminate outright or lower the home price ceiling for the MID?

CALL CONGRESS. First and foremost, I’m urging everyone to get involved by calling Congress to ask that the mortgage interest deduction be preserved. You can reach Congress by calling 202-224-3121 (Monday-Friday from 6:00 am – 3:00 pm, Pacific Time). The Capitol switchboard operator will help callers identify their member of Congress and connect them.

Sadly, 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.
1. Forward this message to your family, friends and clients.
2. Post this information on your personal and office websites and blogs.
3. Share this information on Facebook and urge others to share it as well.
4. Tweet about it on Twitter and urge others to retweet. Use the hashtag: #savethemid.
5. Link to the following web page: KEEP MY MID. This site has information about contacting Congress, more information on the MID and links to articles.
6. As you see new information and articles, share these on all your social networking sites.

Problem is… and I don’t why Congress keeps missing this point… the MID primarily benefits middle- and lower-income families. Hasn’t all the sturm und drang between Prez Barry and Boinger (OK, Boehner) been about not harming the middle class? Almost two-thirds of those who claim the MID are middle-income earners; 65 percent of families who take the MID earn less than $100,000 a year, and 91 percent earn less than $200,000 a year.

Gee Whiz Fact: If the President and Congress allow us to go over the 'fiscal cliff,' they will take with them 70 million home owners.