This is what the power of REALTORS® does for you. As a member of the Tucson Association of REALTORS® and National Association of REALTORS® WE fight to KEEP the Mortgage Interest Deduction (MID) which is AGAIN under attack- see below happening NOW December 2016:
Discussions in Washington have already begun about tax reform. While there seems to be broad support for the Mortgage Interest Deduction (MID), there are changes being looked at that could significantly impact your business.
One proposal would raise the standard deduction to $30,000. While there is nothing necessarily wrong with making that change in our tax code, that one change will eliminate the need to itemize deductions on their tax forms.
That means that millions of taxpayers overnight will stop using the MID when they file their taxes. That also means that millions of Americans will no longer see a tax advantage to home ownership and may decide to rent instead of buy a home.
Now I am not suggesting that we should not look at all of these policies and fully investigate their impact but it will be wise on our part to realize that these changes may have tremendous impacts on your business and the way we demonstrate the value of home ownership in the near future.
WHAT DO YOU NEED TO DO NOW?
We, as REALTORS, need to be prepared for change. We need to make sure we have the resources in place to educate elected officials and protect home ownership.
We need you to invest in RAPAC, the REALTOR Political Action Committee, today because these decisions are being considered right now. Once things start moving in Washington we may not have time to rally our forces if we do not start gathering our resources together now.
And for homeowners - contact your Local and State representatives and demand to save the Mortgage Interest Deduction!