James Flanigan's "Deficit Fighters Eye Mortgage Interest" (July 25) should read "Deficit Fighters Sound Death Knell for Economy."
If these misguided lawmakers looked past the end of their panicked noses, they would realize that any increase in revenue derived from limiting mortgage deductions would be offset by the financial trauma this would cause to our economy.
Think carefully about who would be adversely affected, beginning with the already crippled savings and loan industry and continuing to the building, real estate, banking and even retail sectors.
If we are not allowed to deduct our mortgage interest in relationship to our taxable income levels, few people would ever be able to purchase homes, particularly in California where prices are so high.
Fewer purchases spells disaster for the overall building industry, which is already in a severe slump across most of the United States.
Disaster in the building industry will certainly be the final straw on the back of the S&L industry and, of course, would also adversely effect banking overall.
With fewer dollars left in our pockets, fewer dollars are spent at the retail level etc., etc., etc.
I hope Congress will look past the allure of immediate tax income to the disaster that will surely occur should home mortgage deductions be reduced or eliminated in any way.