Posted: Apr 27, 2005 By: Kenny Nolen

Subject: Don't Take the Deductions Away!!

Comment: I believe the sales tax/state income tax deduction, home sales capital gains exclusion, and local property tax deduction are great ideas and feel they should continue to be a part of the tax code.
As a single, middle class American, I feel it's fair that I have some opportunity to invest in real estate in order to create a safe retirement for myself. I don't expect that Social Security will be able to provide for me when I retire in 30 years. I will need to provide for myself. I don't have a tax deferred retirement plan to contribute to and the $4,000 IRA limit is hardly going to be sufficient. If I am able to invest in real estate and/or sell a house after homesteading for 2 years, the tax incentive for me is to continue to purchase property and thus the economy.
If there were other vehicles available for tax deferred investment (to those like myself who don't have employer sponsored plans)or even significantly higher IRA limits, it might make it more palatble to modify the above deductions.