Subject: Elimination of Mortgage Deduction Comment: I oppose the elimination of the mortgage deduction. Once again tax reform is being presented that puts the tax burden on the backs of the average American. Having the mortgage deduction was, as a single person at the time, the only way I was able to afford to purchase my own home. Even with interest rates as low as they were, the amount paid each year was and still is a burden. I am 56 years old and just bought my first "on my own" home four years ago. If this, as someone who has a good paying job, would be a struggle for me if there were no deduction, then how much more of an impact would it have on young people who are trying to get a start in their own home? I bought my home late in life, so there will never come a time when I am mortgage-free. What happens when I retire from my job and my income is cut to less than half of what I make now? THINK PEOPLE!! Not everyone makes the money that our policy makers do!!! As a matter of fact very few people make that kind of money. This is, like so many of the decisions that have been made by this administration, will not hurt the wealthy, but will be devastating to the average American who makes $25,000-$60,000 a year. Interest rates will go up, my friends. Or haven't you noticed? Let's get back to reality. Get back some of that tax cut that was given to the wealthiest of this country! Should they not pay taxes in proportion to their income? Increase the ceiling on the amount of imcome taxed for Social Security. Institute a windfall profits tax on oil companies and their excessive profits! But leave the mortgage deduction that benifits the avaerage taxpaying American! |