Subject: Mortgage Interest Tax Deduction Comment: Dear Sir/Ma'am, I am a New Yorker who recently bought a home in a developing area of New York City (Harlem). I am starting a family soon and am proud to be starting it in an ethnically diverse community, rich in tradition and diversity. Given real estate prices in New York, we had to pay a very high price for our home compared to national averages ($850,000). However, as you may know, this price is well below the average price in the city at this time. We had to take a large mortgage out as first time home buyers and the mortgage deduction is an important part of the affordability of this home. We are average New Yorkers, far from rich, living what would be termed a middle class life anywhere else in the country, and we have moved to a still economically depressed area of the city to participate in its revival. The problem with statistics is that they distort reality, and New Yorkers statistically appear better off than the rest of the country, but due to taxes and costs are even with or in some ways disadvantaged economically in comparison. Therefore, I was quite disturbed to read this week that you have proposed to eliminate or substantially reduce the mortgage tax deduction. It was my impression that simplification of the tax code was this panel's goal, but with this recommendation, the panel is in fact invoking a policy of re-distributing income as you see fit. I, amongst many neighbors in NYC, are very disturbed that we already pay such high taxes (effectively losing nearly 50% of all wages every year due to the cumulative effect of taxation from all levels), and now your panel has suggested penalizing homeowners even further. We are not rich people; we are normal, middle class people in NYC that are burdened with very high costs and taxes already. I respectfully request that you reconsider your recommendation in this matter. We are hard working, normal Americans that would appreciate it if your panel would take the time to look into our situation (and other very high cost areas of the country, such as California, etc.) and understand the burden currently borne by the average, middle class populace due to the burden of the current tax system. Please do not attack the mortgage tax deduction, we are regular Americans, just trying to own our own “American Dreams,” just like you. Thank you, Sean |