Posted: Apr 27, 2005 By: Michael Ryan

Subject: Deductions: mortgage interest & property taxes.

Comment: I'm concerned about both the current excess and the potential elimination of the mortgage interest and real property tax deductions.
a) These deductions are critical to many low income and first time homebuyers, allowing the extra after tax income to be able to afford a home. Promoting home ownership is good public policy & helps to build neighborhood stability. I am STRONGLY opposed to the elimination of this itemized deduction.
b) But there should be a more restrictive limit. Allowing deductions on Purchase Money mortgages up to $1 million is not a promotion of home ownership ... it subsidizes Lifestyles and the Rich and Famous, and is a windfall for the affluent.