Subject: Mortgage Deduction Tax Comment: I just read in the newspaper today about the meeting to discuss cutting the amount of mortgage interest a person can deduct off their yearly taxes. I must tell you that I feel it extremely unfair to cap the amount at 250,000. to 300,000. This would hit the middle income and the upper middle income people very hard. The people who have carried most of the burden of taxes. The poor get relief, the rich get relief and the middle to upper middle income bracket pay the price. My husband and I worked hard all our lives. We took the chance on the AMERICAN DREAM and started our own business twenty years ago. We did without a lot and sacrificed by paying our employees many times and would not pay ourselves when business was slow. We lived in a mobile home and purchased our first home and lived in that for 26 years. We finally moved into new home but have a 450.000. mortgage on our house. That would put us in the area that would not be able to deduct our interest. We are not wealthy people, We are not poor and pay our taxes every year. Why would you want to do this to Americans like us. Please do not ruin our dream we worked so hard for. Everything is becoming more expensive gas, food, health insuance, HOME insurance, real estate taxes, this little tax and that little tax it all adds up. You may wind up taxing people, who deserve to have a LITTLE reward for all the hard work and sacrifice, right out of their homes. My husband and I voted for President Bush and the republican party both times he was elected to office I hope you will be here for me and not push me out of my home. I think it should stay and $1,000,000. because housing is going up and your Net (bring home) pay after yet other taxes is not. |