Mar 28, 2011
NAR Call for Action: Preserve, protect, and defend the MID
28 Mar 2011
Posted by Andrew Kantor
You can shape legislation by being heard early and with strong conviction. This is one of those times. Congress needs to hear from you.
Warning signs have appeared on Capitol Hill about mortgage interest deductibility. Homeowners have taken big hits the past few years. We cannot have Congress adding to the injury.
What’s at stake: House and Senate committees are already holding hearings to gather the perspective they need to craft a new tax system for the 21st century. These hearings will take most of this year.
Congressional leaders from both parties, as well as the Administration, continue to insist that “Everything is on the table,” including MID. Changes to the MID in any form would have an adverse effect on the entire housing market, potentially lowering home values and slowing sales. Each change to the mortgage interest deduction opens the door for full elimination later on, and could have an even broader effect on local economies and jobs, such as in markets reliant on second homes.
Watch NAR President Ron Phipps’s video Call for Action explaining why our action is so urgent. Then send your letter asking your representative to cosponsor H.R. 25, a bipartisan House resolution that affirms the value and importance of the mortgage interest deduction. Realtors need to direct Congress to preserve, protect, and defend the MID.
No economic recovery is possible without a vibrant housing market. Please take action today.
NAR makes it easy. From its site you can create and send a letter to your representative. Here’s a sample:
Subject: Co-Sponsor H.Res 25. Preserve, Protect, & Defend the Mortgage Interest Deduction
Dear [Decision Maker], As both your constituent and as one of more than one million members of the National Association of REALTORS, I remain steadfast in my belief that economic recovery depends in large measure on recovery in the housing market. That recovery is by no means complete and, in fact, the market is still quite weak.
I understand that throughout the spring and summer, Congress is likely to take many votes on huge bills that will affect economic, fiscal and tax policy. I urge you in the strongest possible terms to assure that each one of them will contribute to stabilizing housing markets and, just as important, do no harm. The simplest way for Congress to provide certainty to the housing market is to preserve the MID and oppose any legislation that would undermine it. Please show your support of stable housing policy by cosponsoring H.Res.25, a bipartisan resolution offered by Rep. Gary Miller. Realtors believe that wide cosponsorship of this resolution will send a strong signal that Congress remains committed to a housing recovery.
H. Res.25 expresses the sense of Congress that the current law governing the MID must be retained. To restrict current law in any way would undermine progress in the still-fragile housing recovery.
Please join Mr. Miller and your colleagues in sending a strong signal that you support a stable housing market and that you support the current MID rules. Please co-sponsor H.Res. 25.