Subject: Fair and simple Comment: Dear Panel Memebers An overhaul of our tax code is absolutely overdue. I want to stress fair and simple. Keep the deductions to a minimum, but do encourage investment and growth. Please focus on Retirement, 401K, Mortgage and Charitable deductions. What I'm hearing is that the panel wants to limit the mortgage interest deductions to $350,000 (in principal). With the recent increases in housing costs, especially in the coastal states, I think that not only is this wrong and counterproductive, it also adds another level of complexity to our system. With a median price of $580,000 for a home here in Orange County, it is not unusual for a working class family to carry a mortgage of $400+. They need every dollar of mortgage interest paid as a tax deduction in order to make ends meet. Please reconsider this option. Manfred Look |