Subject: I'm appalled... Comment: by the lack of imagination and real thought this panel is putting into the issue of tax reform. Limiting the mortgage deduction to $350,000 is WORSE than the AMT. The 2005 Conforming Loan Limit tops $359,000 and you can bet it will go up when it's adjusted in December. How is a young couple in a major city expected to buy their first home? How are middle class couples who've been working hard for years supposed to buy that second-home-soon-to-become-retirement-home while prices in resort areas are still within reach? Such a drastic reduction in mortgage deductibility won't hit the rich (the truly rich don't NEED mortgages), but it's a body blow to the middle class. What's the deal, are we getting too "uppity" for you in the rich, ruling class? Just how is this "reforming" the tax code anyway? Can we start over with a panel that's actually in touch with what's going on in the real world -- has the foresight and imagination to see what needs to be done to REFORM this country's convoluted, cumbersom, ridiculous tax system -- and the cojones to actually do it? |