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Call to action – if resolution fails, Americans may pay thousands more in annual taxes

Call to action

Today, the National Association of Realtors has issued a Call to Action with current NAR President Ron Phipps asking Realtors to contact their representatives to support the continuation of the Mortgage Interest Deduction.

House Resolution 25 (H.Res.25, not to be confused with HR25) seeks to extend the mortgage interest deduction so it doesn’t get the axe as budgets are slashed across the boards as Congress seeks to attempt a balanced budget.

Why is this extension being considered?

The call for this extension is because with 67% of Americans owning homes, the mortgage interest deduction is one of their biggest deductions and saves them (and likely you) thousands of dollars every year. The National Association of Home Builders reports that 81% of America supports House Resolution 25 and the bill already has over 50 bipartisan co-sponsors, yet 17% of Democrats, 31% of Independents, and 30% of Republicans do not support the Resolution. A NAHB study shows the housing tax incentives disproportionately impact each taxpayer segment.

And now, for the Ways & Means Committee…

House Resolution 25 was introduced to the House on January 6, 2011 by Representative Gary Miller (R-CA) and referred to the House Committee on Ways and Means which has an interesting mix of Representatives that will vote on the Resolution from Paul Ryan to Charlie Rangel.

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The NAR wrote directly to the House of Representatives on January 13th and according to NAR, “NAR lobbyists will be aggressively seeking additional cosponsors.” NAHB has also called its members to contact their representatives in support of House Resolution 25.

Click here to contact your Representative to tell them your own thoughts on House Resolution 25.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

6 Comments

6 Comments

  1. Sharon M. Lynch via Facebook

    March 28, 2011 at 12:03 pm

    If you own property, responding to this call of action is important! The Government is trying to eliminate the mortgage interest deduction that you receive annually. For most people that is $10,000.00 or more a year. Is that in your budget that you can afford to lose that deduction? If not, than take action!

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