Subject: Re: Mortgage Interest Deduction Comment: Hello, I want to voice my concern and opposition for the reported consideration to repeal or limit the mortgage interest tax deduction. If this plan goes through, I fear it will not only have a chilling effect on higher priced housing areas, but it will also have a severe negative impact on the economy in general. My wife and I live in the California Bay Area and are home owners. Due to the high prices, we had to factor in and count on this deduction as part of our financial plan. If this deduction were not available, we would not have purchased a home in this area due to the exorbitant prices. Many others in this area are in the same situation and would be forced to move away looking for lower priced housing - or become renters. All the ancilliary industries would get the negative ripple - from real estate agents to mortgage brokers to title companies to appraisers to inspectors to contractors to housing material suppliers to garders, etc. So potentially a dollar saved by repealing this tax could in effect pull $25 away from the local economies.... Also, as the economy is sparking back to life, the areas which have growing numbers of jobs are in fact those same high priced housing areas - CA Bay Area, New York, Los Angeles, etc. Again - many will factor this deduction (or lack of) into their decisions to move from Columbus, or South Carolina, or Oklahoma City to one of these higher priced areas. If we cannot attract the talent to continue the growth, the economy will stall. Especially impacted will be these key ares of economic innovation which due to supply and demand - are causing the higher home prices. Please - give this careful consideration. Let's not make a short term recommendation for quick gain which will cause long term negative effects. Thank you, Kevin Conley |