Subject: mortgage interest deduction Comment: I read an article stating you are looking at reducing the home mortgage interest deduction allowed on tax returns. The article said you are considering limiting the deduction to mortgages of $200,000-$300,000 since that would still help the middle class. I don't know what homes cost in your area, but here in Boise, Idaho it is getting hard to find any new homes for less than $125,000-$150,000. We live in a 30 year old house that is currently worth $200,000 according to the tax assessment. The value of homes is continuing to appreciate in this area. The new homes being purchased by the middle class are in the $200,000-$250,000 range, and going up. I guess what I am trying to say, is that if you do decide to limit the mortgage interest, the limit needs to be higher than $300,000. Whatever limits you set will probably be in place for several years. They have to be high enough to cover the anticipated increase in housing costs during that period of time. |