You are so wrong. We are not losing our light levels. And you can't say we are going back to level 20 because the level cap have always been 20.
The XP level cap at 20 will now be raised to 40 with The Taken King.
This means we can get our guardians up to XP level 40, and have light level gear of 34.
Not a bad thing.
Keep your your light leveled gear, it won't be worthless.
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Eh, yes.