Not sure what he's thinking proposing to limit the deductions families can claim for charitable donations, mortgage interest, and state and local taxes.
OK, I get it. Those of us who work hard enough to make $250,000 or more should pay excessive amount of taxes to make it a "fair" share. But limiting the deductions I can claim on charitable donations and mortgage interest will only lead to two undesirable outcomes:
1. I will not donate as much, if anything, depending on the severity of those limits. Local charity organizations and schools are going to suffer.
2. Again depending on the limits, there will be little or no incentives to take out a mortgage and own a home. There will be more incentives to rent rather than own a home. Housing demand would dampen and home values collapse. We will probably be faced with the most impacts due to the high value of our homes here in Pleasanton.
I just don't get what he's thinking...
Please write to your representative and help set Obama back on the right track.