Subject: Mortgage Interest Deduction Comment: The following message is a copy of a message I recently sent to President George Bush: I am writing you to express my outrage that a further reduction in the homeowner's exemption is being contemplated by your administration. I have steadfastly supported you as President ever since your initial election, but I never thought I would get stabbed in the back in this way. I am 67 years old and still working on eventual retirement. Social security wont begin to support my wife and I unless we want to be reduced to the poverty level ala the folks we've been seeing in New Orleans. All my future is wrapped up in real estate investment - - I don't trust the stock market. I was just preparing to roll our home equity into a newer, larger home costing substantially over one million dollars but with strong potential for future appreciation. But I am not rich. This is what we will need to live on for the future. But now I am preparing to cancel that purchase because your planned reduction in exemption would wipe me out, probably forcing me into foreclosure. Multiply my story by a few million and you get the picture. This is the worse possible move you could be making. If you want your legacy that you destroyed the American economy in a single stroke, this is the way to do it. I know longer believe that I can trust you as I have in the past unless you kill this move now and permanently. If you want to show the world how smart you are then INCREASE the tax exemption level. Otherwise, leave it alone. This is a most urgent warning of the potential danger this proposal represents to the US economy not to mention to my wife and I personally. Neale Johnson Salinas, CA |