In California, losing the mortgage interest deduction – an active discussion in Washington – would cost the average California taxpayer over $3,900.00 a year, according to the California Association of REALTORS®. That’s MORE, almost DOUBLE, the average “2k” nation-wide taxpayers may lose if the so-called “fiscal cliff” is not soon averted. 89 percent of those who took the mortgage interest deduction earned less than $200,000.00 per year. This is something that greatly impacts the middle-class, dramatically influences the entire economy and is fundamental to the nation’s housing and ongoing fragile recovery.
Many homeowners and, more importantly today, those considering homeownership, need that $3,900.00 annual average credit to offset the costs of property taxes (double taxation imposed on homeowners), homeowners insurance, mortgage interest and the many other aspects of homeownership. This critical deduction of mortgage interest has always been a vital incentive for homeownership. Homeownership improves neighborhoods and the overall economy.
Without homeownership, populations are forced to rent their housing offered by only two sources: property owners (often comprised of wealthier individuals or corporate interests), or, governmental housing or subsidy. We as a nation want individuals to own their own homes. It sets America apart from many nations. It builds neighborhoods, stability, schools and prosperity.
If Congress takes this critical incentive and safety net away, the entire housing market, and thus the entire nation, will suffer another significant setback and outright deterioration of the American Dream of homeownership.
What you can do:
Call Congress. The public may reach Congress by calling 202-224-3121. The Capitol switchboard operator will help callers identify their member of Congress and connect them.
Get the word out. Email. Text. Forwards. Tweets #savethemid.
Author Devin R. Lucas is a Real Estate Attorney, Broker and REALTOR®, specializing in Newport Beach, Costa Mesa and Orange County, serving individual, investor and small business interests in real estate. Active with the Newport Beach Association of REALTORS® and Costa Mesa Chamber of Commerce, Devin R. Lucas Real Estate is an independent real estate brokerage and law practice located in Newport Beach, California.
Devin R. Lucas Real Estate
Real Estate Attorney | Real Estate Broker | REALTOR®
devinrlucas.com | firstname.lastname@example.org | BRE No. 01912302
949.478.1623 office | 888.667.6038 fax
2901 West Coast Highway Suite 200
Newport Beach | California | 92663-4023