C.A.R. to place open letter ad in state’s top newspapers calling for preservation of MID
On Wednesday, C.A.R. will place an open letter advertisement in California’s six largest daily newspapers, calling on President Obama and Congress to preserve the mortgage interest deduction in its entirety during their “fiscal cliff” discussions.
The letter will be placed in a full-page ad in the Los Angeles Times, San Francisco Chronicle, San Jose Mercury News, Sacramento Bee, U-T San Diego, and the Orange County Register, and states any proposal that eliminates or attempts to alter in any way the mortgage interest deduction undermines a century-old commitment to the American Dream of homeownership.
“The mortgage interest deduction makes a substantial difference for lower- and middle-income families,” said C.A.R. President Don Faught, under whose signature the letter was written. “If the deduction is taken away, it would cost the average California taxpayer $3,940 annually; further, more than 694,000 California households would no longer be able to afford to buy a median-priced home.”
“While current discussions involve reducing the limit to $500,000 for a primary residence and eliminating it entirely for second homes, any attempts to reduce the mortgage interest deduction would not only have deleterious effects on homeownership, but also be tantamount to taking the first step toward wholesale elimination of this long-standing deduction,” the letter states.
The letter also asks the public to visit www.KeepTheMID.com to learn how they can contact their member of Congress and ask them to protect the mortgage interest deduction.