“The natural cycle of life is when one thing dies another is born. The Mortgage interest tax deduction being eliminated should be replaced by zero percent mortgage interest financing.
Charlotte, N.C. (PRWEB) March 28, 2012
According to Reason.com the elimination of the mortgage deduction tax may be imminent. 1.26 Trillion Of income was deducted from our nation’s 2008 tax base. The single largest deduction item in our tax code – Mortgage Interest accounts for nearly 36% (approx. 450B) of all deductions nationwide by itself. Do to the current economic famine both democratic and republican parties are considering proposals to terminate this deduction biting into the juicy apple of revenue to quench the hunger of national debt and deficits.
“In an economy where consumers pay $3/gallon for milk, $4/gallon for gas, and $5/gallon for orange juice, taking another 450B out of the American peoples pocket is just what the doctor ordered. That would be Dr. Jekyll or if you wanted a second opinion, Dr. Frankenstein. This is mad. In exchange for withdrawing this money from the collective bank account, a deposit of increased disposable income should be made via the zero percent mortgage proposal submitted by Restore Mortgages to The White House and Federal Reserve” says Restore Mortgages Founder Duane Faust. Also mentioned in the Daily Finance, a poll by Gallup Politics showed 61% of Americans are against the mortgage tax deduction.
“The natural cycle of life is when one thing dies another is born. The Mortgage interest tax deduction being eliminated should be replaced by zero percent mortgage interest financing. The former without the latter is a crime against the American people stealing its most coveted promise, the American Dream. The average homeowner of a zero percent mortgage would realize $9,600 dollars in savings per year. Given there are 48 million mortgaged homeowners in America, that amounts to approximately 460B in savings to offset the amount extracted (450B) out of our economy if we eliminate the mortgage interest deduction tax. The question then would become how the economy would survive WITHOUT a zero percent mortgage?” says Faust.
“Restoring the resources taken away by eliminating the mortgage interest deduction tax is imperative if America is going to remain competitive in a 21st century global economy. Restore Mortgages zero percent mortgage proposal would replenish these funds in addition to expanding the tax base through job creation and home loans. Considering the metric establish by the National Association of Realtors that says “for every two loans closed, one job is created”, millions of jobs would become available as a result of millions of homes being refinanced or purchased” says Faust.
The elimination of the mortgage deduction tax will happen. 15T in national debt is calling for it. That call must be answered … Implement the Restore Mortgages Zero Percent Proposal.