Subject: Itemized deductions (Mortgage Interest) Comment: Tax Reform Panel Members, I read an article today that suggested the panel was going to propose cuts in the tax break we receive by paying mortgage interest. I hope you will consider economic problems this could further affect, as well as the wallets of people like me, who reside in the Northern VA area and spend most of our income paying the bills that are associated with living in a low unemployment region of the United States. There is not a desirable property in the D.C. Metro area that is selling for less than $500,000. With the uncertainty of the incoming Federal Reserve Chairman, and impending danger of inflation, due to increased energy costs, the long term interest rates will probably rise faster than previously expected. People buy houses for the financial advantage over renting. If mortgage rates increase, house prices stay high, and property taxes increase on a yearly basis, it will reverse the home buying boom that has occurred over the past ten years. By cutting tax benefits received from a mortgage, you will exacerbate an immerging problem. People are already choosing to rent instead of purchase in the D.C. Metro area due to the monthly cost of purchasing compared to that of rent. The increased number of homes on the market is a testimony to this. Please consider people like me and my wife, who earn equal salaries, and live in a high cost area so we can maintain jobs and be productive citizens of the United States. Thank you, Gary Smith |