Eliminate the Mortgage interest tax deduction? Outrageous!

This morning I read a story entitled "Mortgage tax break in crosshairs" on CNN.com and instantly became enraged. Now I realize the hole both our past and current administration has dug is in.

What upsets me most is the middle class is the one being penalized. In short, there is a proposal to replace the mortgage interest tax deduction with a 12% flat tax credit for everyone. This means if you are a homeowner you would no longer be able to itemize and deduct your mortgage interest. Instead everybody would just get a flat tax credit.

Hogwash.

According to the Urban Institute, Tax Policy Center and What Works Collaborative, researchers have found that the deduction does not promote homeownership.

 More Hogwash.

This plan would erode the amount of citizens considering homeownership and encourage them to avoid their American dream and simply rent instead. What the government fails to realize is us homeowners actually spend the tax credit and pour it back into the U.S. economy.

I am fed up. Frankly, I am tired of my tax money being sent to the unemployed every week while the employed sludge through work. I am tired of being penalized for being a productive citizen, getting an education and pursuing my dream. It is now quite clear that this administration has not helped to bury the hole created by the previous administration but rather has dug us deeper.

The poorer are just as poor, the middle class are getting poorer, the upper middle class is going away and the rich are simply spending their money in private.

At this pace, in 2012 the presidential election will not be a race for the Democrats to win but rather for the Republicans to lose. Assuming the Republicans do not slip on a banana peel and select Sarah Palin as their candidate, don't expect any basketball games in the White House in 2012.

If you are a realtor and want to sound off against this issue, do so via the National Association of Realtors.