I read in the local paper today that there is a plan to totally diminish hopes for the middle class to become successful and own a home. Do away with deductions instead of raising rates. Do our national leaders take us for fools?
I was a very successful not for profit senior executive. Through hard work and 13 moves it was necessary to continue my career in a “progressive merit oriented” system. Hence, I was never able to “own” a house. However with the assistance of banks and the “mortgage deduction” my moves did not devastate my life. The mortgage deduction allowed me to not only “co-own” a house with the bank, but it allowed me to give to charities such as my church, the Boy Scouts of America, the Red Cross, The Salvation Army and other worthy causes when the need arose.
I have co-owned nine houses in my life and still have to manage my mortgage in retirement to have a normal life (somewhat reduced by inflation and medical costs over time) after very close management of my money. I still have the ability to give generously to my favorite causes.
I plead with our national leadership, both Democratic and Republican, on behalf of hard working entry level management types, daily rate workers, and retirees to be sure that this does not become law. Raise the tax rate instead. I can deal with what I know my income will be through the withholding system. Some deductions will always be necessary to ensure healthy real-estate business for community growth and not-for-profit organizations which are so vital to our communities.
Raising tax rates is not a sin. Taking away deductions to assist owning a home, “the American Dream,” must stop before we see another financial crisis.
The writer lives in Pawleys Island.