Call for ACTION

As middle class Americans struggle to maintain relevance during the current “great recession”, new challenges are looming on the horizon. A recent report issued Dec 1 by President Obama’s deficit reduction panel presents a list of proposals to reverse the current trend of our governments operational deficit. Last year saw the national dept rise to an unsustainable $1.3 trillion.

The document, titled “The Moment of Truth” urges sweeping changes in government spending and revenue sources. Just as the Bush tax cuts are likely to be extended to protect a weak economic recovery, the next few years we may see fierce debate and much commentary as our nation comes to grips with globalization, a deteriorating standard of living and a bankrupt government.

On the chopping block with other revenue generating ideas is the home mortgage interest deduction. Designed as an incentive to home ownership, the home mortgage interest deduction has evolved to be a pillar in the financial security of middle America. Depending on your tax rate, this tax deduction effectively reduces the true cost of home loans, incentivising and encourages borrowing, creating a dynamic economic engine. Applying the consequences of eliminating this incentive to our fragile economy could be vastly damaging. Threatening the life of this tax break threatens the already dwindling incentive for home ownership by young families but also would further erode home values negatively impacting the net worth of the current “boomer” population nearing retirement. Without middle class home loans our financial system could resemble socialist nations where vast populations of renters risk becoming state dependent.

By being proactive and communicating often with your representatives to congress and senate concerning this issue, the American dream may survive. The future prospect of economic life as we have known it does appear challenged. Those unaware or in denial will soon understand when budgets are cut and taxes levied. We as a nation are destined to make sacrifices in the short term. However, as a collective voice and the access provided by the internet, we do have the power to influence.

You can also get more information at Save My Mortgage Deduction

Please contact us, Marie Avery and Terri Ayers, at 941-358-1818, if you have any questions about our Florida Real Estate market.

About Marie Avery


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