"The President's Advisory Panel on Federal Tax Reform is currently evaluating ways we can simplify the federal income tax system. While I agree that making federal taxes easier to understand is long overdue, simplification cannot be achieved by penalizing Long Island's homeowners.

"One of the suggestions put forth by the panel is to further limit the mortgage interest tax deduction that is one of the critical benefits of homeownership. Currently, a homeowner can deduct interest up to $1 million, but some reports have the panel looking into decreasing the maximum deduction to as low as $350,000.

"The mortgage interest deduction is a great incentive for encouraging homeownership among those who might not otherwise be able to afford a home. Currently, more than 37 million taxpayers save $70 billion annually from the mortgage interest deduction. Thanks in part to the tax breaks home ownership affords, we have achieved historic rates of homeownership over the past decade.

"However, any new limits to the deduction would be devastating to Long Island's working families. The average cost of a home in Nassau County is over $500,000. Without being able to deduct mortgage interest, some homeowners may be forced to sell their homes because of an increased tax bill from the federal government.

"In addition, Long Island risks experiencing a 'brain drain.' More and more talented and smart young people look to plant their roots elsewhere because of Long Island's high cost of living. By capping mortgage interest deductions, the brain drain will be accelerated and Long Island's businesses, health care infrastructure and education system will suffer because of a failure to attract new employees to the area.

"I encourage you to voice your thoughts on further limiting this important tax deduction. The President's Advisory Panel on Federal Tax Reform is accepting comments from citizens. Please visit the panel's website at http://comments.taxreformpanel.gov/ to state your opposition to this shortsighted and ill-advised plan. While tax reform is needed, it cannot be achieved by increasing taxes on working families."