Subject: mortgage interest deduction Comment: Recently, I have read in the news about the Tax Panel Recommendation to reduce the cap on mortgage deductions from $1 million to $350,000. This is a major shock. We have spent many years of savings to buy our home and now we cannot deduct for it. You know as well as I do that in California a cap of $350,000 makes no sense. The median house is $650,000 for Orange County and a decent house will go for at least $800,000 to $900,000. The new homes typically will go for over $1 million. We should keep the cap at $1 million. We should simply the tax code, but not wipe out the most valuable asset. We already have natural disasters such as Katrina. I fear this will be worse. Concerned Citizen, Han Bui |