Senate Tax Revision Bill
The Senate tax bill is the most deceptive anti-investment piece of legislation in congressional history.
Although they have allowed mortgage interest deductions on your home under the bill, you will be unable to deduct interest on personal debt, including auto loans. This will be especially difficult for young people, and it may hit the automobile industry hard. Individual retirement accounts will be a thing of the past. Capital gains will take a beating as will capital appreciation. Income-producing real estate has been killed and limited partnerships are eliminated. Good profit-type investments for the average individual will no longer exist if the “skunks in stinky-hollow” have their way.
If a bill of this nature should become law, hold on to your hats and await the downhill slide. It will take a flood of protesting letters to change it, both to your congressman and your senators.
GLENN C. FERGUSON
Bakersfield
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