Last year, the President’s National Commission on Fiscal Responsibility and Reform issued a report entitled The Moment of Truth, which proposed to limit or eliminate the income tax deduction for mortgage interest, better known as the mortgage interest deduction (MID). Since then, Rep. Gary Miller (R-Calif.) introduced House Resolution 25 (H. Res. 25) to protect and preserve the Mortgage Interest Deduction (MID).
According to the National Association of Home Builders (NAHB), “[e]liminating or restricting the mortgage interest deduction would erase the emerging stability in the nation’s housing markets, increase the cost of homeownership, make the tax code less progressive and essentially raise taxes on the middle class. Ultimately, it would put more home owners underwater, fuel more foreclosures and impede job creation in the housing sector, where unemployment is about twice the national rate. Additionally, removing or scaling back the mortgage interest deduction would shrink the local tax base of many communities, prompting cash-strapped state and local governments to cut jobs and essential services or raise taxes.”
Presently, there are more than 50 co-sponsors for H. Res. 25. Defend the Mortgage Interest Deduction (MID) by contacting your state representative to co-sponser H. Res. 25 in one of two ways:
- Call the U.S. Capitol switchboard at 202-224-3121 to reach your Representative’s office; or
- Visit www.House.gov to find your Representative’s website and send an e-mail in support of H. Res. 25.
For more information, please check http://savemymid.info, a website by the National Association of Home Builders’ (NAHB) dedicated to preserving the Mortgage Interest Rate and protecting homeownership.