Dealer Alert: Oct. 24, 2011
Monday, October 24, 2011
Posted by: Matt Gruhn
Joint Select Committee on Deficit Reduction has been charged with the task of
$1.5 trillion in federal government budget cuts. The committee must
provide Congress with its recommendations by Thanksgiving.
six of the twelve Members of the committee publicly advocating for increased
tax revenues, MRAA has
been very concerned that it may consider elimination of the primary and
secondary home interest deduction or a significant restriction on whom or how
Americans can take the deduction. It is reported the Committee has been
considering total elimination, restrictions on income (for example, only
Americans making $250,000 or less would qualify for the deduction), or
establishment of a maximum dollar amount of a deduction.
Joint Committee has now established a web site, Contact - About
- Joint Select Committee on Deficit Reduction , where Americans can contact
the committee directly and send comments on its work. The site provides
an easy way to communicate with the Joint Committee.
MRAA asks dealers to contact the Joint Committee immediately
through the website. Just click on the site provided in this Alert
suggested message is........."Retention of the primary and secondary home
mortgage interest deduction is vital to the continued and slowly recovering
economic vitality of the recreational boating industry, which is just now
seeing a potential bottom after significant sales declines since 2008.
Our industry is now positioned to start a rehire program in retailing.
Don't push us over the edge by eliminating or restricting this important tax
deduction used by many Americans to buy a recreational boat as a second home.
KEEP THE HOME MORTGAGE INTEREST
DEDUCTION, DO NOT PLACE RESTRICTIONS ON IT,AND KEEP ITS USAGE FOR BOATS."