Saturday, November 05, 2005

Mortgage Interest Tax Deduction at Risk!

President Bush’s Tax Advisory Board wants to take away your mortgage interest deduction. Charged with the task of developing more simple and fairer tax laws, the board decided that the mortgage interest tax deduction does more for rich folks than for people struggling to buy a home.

Let me ask you a question. Would you have bought your house if the interest deduction were not available to you?

If congress and the President, follow the recommendation of the board, a series of events will take place, though not necessarily in this listed order.

1.Middle America will no longer be able to afford to buy a house. 2. investors will stop buying properties for rentals. 3. Rents will go up, sales prices will come down. 4. Those who already own will loose a great deal of their investment and their retirement nest egg will fall short of their needs. 5. Bush’s oil money pals will buy up entire cities and create private communities for people who don’t pay taxes anyway. 6. Riots will ensue. 7. Terrorists will loose interest in harming Americans because at least they have nice warm caves to live in. 8. Homelessness and hunger in America will increase. The economy will fail, Canada will invade and the United States as we know will cease to exist.

Okay some of that might not happen but, removing the interest tax deduction for homeowners will do ABSOLUTELY NO GOOD! Bad things will happen folks, but only if we fight this, and, make it clear to the President and Congress that this is a bad decision!

I would urge you to contact your Congress(wo)man and the President and tell them “Do not take away the American Dream”.

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