Subject: tax deduction for home mortgages
I write to express my disagreement with the proposed dpownward revision of the tax deduction for home mortgages. I live in Southern California, consider myself to be middle class (although propably considered upper middle class) and believe that the amount proposed (300K) in deduction threshold is out of touch with the realities of my market area. note that I have my own business, live in Los Angeles and, because of the terrible public schools, am luckily able to use some of the deferred tax shield to fund my son's private school education. A typical condo in Los Angeles probably costs 450K and this bill seems, from all that I have read, ready to try and stop 'rampant speculation, the bubble, etc" but at the expense of those of us who have used this to buy a house, pay our bills and even work to pay down our mortgage. the speculators, as far as I am concerned will be corrected in the market when interest rates rise, when there isnt so much liquidity in the market (some of this in direct response to funding costs as well as to a bad past history with the stock market)...so pls do not make average citizens suffer to correct a temporary glitch in the market. Thank you.