Subject: Tax Reform Proposal Comment: The median price of a home in S. Calif is over $600,000. The typical mortgage on an entry level home exceeds $400,000. I am opposed to lowering the mortgage interest deductable ceiling from $1 Mil to a national average which is in the $350,000 range. Low income families and Young entry level home buyers would not be able to afford a home in S.Calif if the interest deduction was lowered. Also, those on fixed incomes might not be able to keep their homes is they could not deduct a portion of their interest payment. Also, there could be an impact on financial institutions who might see their default rate rise due to the home ower not being able to use the interest deduction as it now stands. I urge you to reconsider this proposal. Home ownership is a right and something many strive to acheive, if passed your proposal would discourage ownership. I read that you want to stimulate consumer savings, certainly you must know that home equity is a form of savings. |