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Tax plan is an attack on home ownership

The tax plan before Congress is seriously flawed. Despite the obvious heavy benefits toward the very upper echelon of income (individual rate cuts, elimination of estate tax, lowering of corporate rates, etc.), the remaining “benefits” offered to middle class and lower class appear to be nominal at best. The actual savings are minimal (“GOP pushes tax bill toward House OK, Senate faces problems,” Nov. 16). But further, there is an attack on the basis of the American dream of home ownership.

The bills in Congress, firstly, are proposing the elimination of the state income tax deduction for all taxpayers. In states such as Maryland, New York, California, Illinois and New Jersey, this is very damaging to tax reduction. Second, the plan calls for the limitation or outright elimination of the deduction for property taxes on the home. These deductions are critical to the affordability of purchasing and paying for a home year after year. It takes years of savings and sacrifices to afford this huge purchase in an individual’s life. Now, to deny the hard earned advantage of home ownership which includes tax relief would be counter to the American dream of bettering ourselves.

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We need to understand the entire picture before we proceed any further.

Terry Kleeman, Columbia

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