my letter to Congress

Here’s the letter that I just sent to my Senators and Representative:

Dear xxx:

While I am deeply concerned about the current housing and economic situation, I am writing to urge you not to support a massive give-away to the banks and homebuilders who got us into this mess.

In particular, it is outrageous to provide a tax credit to encourage people to buy foreclosed or new homes, thus making it even harder for people who have stayed current on their mortgages to sell their houses.  I also oppose the provisions that would rebate previously paid taxes to those who prospered during the housing boom.

I think the idea of allowing a deduction for housing costs for those who do not itemize their taxes is appealing, but it should be paid for by capping the mortgage interest deduction for houses worth more than $1 million.

As the new jobs numbers show, we are heading into a recession.  Congress should extend unemployment insurance benefits, put more money into WIC and LIHEAP, and temporarily increase the Medicaid match rate to ensure that poor families don’t lose their health coverage.  That would help the people who are suffering the most, not the people who created the problems.

Thank you for your consideration.

***

There are some good things in the bill — some money for community-based actions, some money for financial counseling.  But they’re outweighed by the massive giveaway.  I’d rather no bill than this bill.

2 Responses to “my letter to Congress”

  1. dave.s. Says:

    The NY Times said “For mortgage loans up to $1 million, taxpayers can now deduct all the interest.” – I am not at all clear what change you are proposing? I think you should get a tax credit up to the current interest rate times the average house cost – I’m interested in helping a Walmart cashier buy a double-wide in a park north of Biloxi, less interested in helping a podiatrist buy a $2 million 4-bath swell place in Potomac.

  2. Amy P Says:

    That Walmart cashier shouldn’t be buying a double-wide, unless it’s used and has already significantly depreciated.

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