Subject: Property Tax
Comment: There is no more effective way to kill the housing industry, raise unemployment and trigger a recession than eliminating the interest deduction on higher priced homes. With energy costs soaking up disposable income at an alarming rate, this would be the trigger for instant economic downturn. Construction down, home sales down, employment down all at the same time would be an economic disaster of epic proportions.
As the luxury tax imposed by congress destroyed U.S. boat manufacturing in the eighties this attempt to "tax the rich" will do even more economic damage.
This must not happen.