refinish solid mahogany bedroom set

I have my parents solid mahogany bedroom set from the late 1940's. It is obviously very well made. It is very dark and high gloss. The dresser had some scratches and cigarette burns. We want a lighter look. I thought about painting it white but am afraid this will damage/ruin the wood. I cleaned and buffed the top with a "face lift" kit and found the finish to become soft. I sanded and got down to a little of the bare wood (in the area of a cigarette burn) and it looks fairly light. The insides of the drawers are a fairly light color. Should I try to get to the bare wood? Would it ruin the furniture to paint this mahogany white?

 

Josuba:

Painting will not 'ruin' any wood. It will make it more difficult for someone to restore to a clear finish later.

Scuff sand the piece, prime well, 2 coats, sanding after each coat to remove irregularities, then paint. It is not necessary to remove the existing finish.