Subject: mortgage deduction Comment: I think you have gone overboard on the mortgage deduction reduction. Find me the middle class house you can buy in my county anne arundel for a mere 300-350K with a good school. That price is so year 2000. My taxes would go up so much, I might have to declare bankruptcy. My wife and I are already paying out nearly $20,000 for daycare for my twins so that my wife can continue working in her federal job. Yet I believe the credit for daycare is a max 1200 for my income or worse a 5,000 deduction if I withold dependent care savings. Home ownership is at an all time high, yet you want to screw with the deduction. The building of these so called large homes has kept this economy on its legs for the past 5+ years and yet you want to pull the rug out. BTW, with the unequal values of the housing market throughout this country how is this fair to the high cost housing areas. My wife and I hold non-supervisory federal jobs of a nice grade level 13 and 14, yet because of that we don't qualify for certain tax breaks like the child credit or we have to reduce our schedule A deductions. Because we are rich? Rich is when you have tons of assets. I would rather you come back and say raise the tax rate on the higher levels up 3%, raise the salary level on social security up higher, but exempt the first 10K to even it out the overall hit. That way low income people get a tax break. If the mortgage tax break hits the high middle income people to hard, wait until all those homes go on the market and see where the housing market goes or worse the foreclosures. |