Subject: Proposed elimination of home loan interest
Comment: One might conclude that the current deficit is a result of bad management of government resources, mainly tax dollars. Five years ago there was a surplus in the budget and today we are in danger of falling to a deficit of nearly one trillion dollars. The notion that our tax code should change with the ebb and flow of mismanaged government recources is not a good plan to begin with. The notion that everything is on the table, including the idea that the elimination of the interest deduction for home loans on a primary residence is overreaching to the extreme.
WE PRIVILEGE HOME OWNERSHIP AS A FORM OF INVESTMENT IN THE AMERICAN DREAM.
Any recommendation disallowing the deduction of the interest we pay on home mortgages on our federal taxes is ill advised and I pray your recommendations will not include any desperate measures like this. In addition, the deduction of property taxes to local government on a primary residence should not be eliminated as a federal tax deduction...that would amount to double taxation if you eliminated the deduction.
Preserve the American Dream!