Posted on 12/05/2017 8:10:58 AM PST by DIRTYSECRET
No it is not.
Yes. End it, or at least reduce it to $250,000 and end it later. Also end all Federal aid to colleges, and yank non-profit status from Big College as well.
We should have a national sales tax and no income tax at all. If we can’t do that, the next best thing is one tax rate and no deductions for anything.
I would disagree that the mortgage deduction is bad. It actually favors people WHO ARE MORE VESTED IN THE ECONOMY AND AMERICA’S WELL BEING. And these people having more disposable income by having their taxes reduced are more likely to contribute to causes, candidates and efforts which further conservatism.
Call that government engineering, but it mirrors solid economics.
Anything that restricts the government from confiscating income legally earned by American citizens is good — not just for the person who legitimately earned it, but for liberty and our Republic as well.
Nope
All it does is drive up the price of a home by making it easier for buyers to pay more for it.
It should be phased out. I am not for it and yes I do benefit from it. It has been a calculation into home buying for generations. To yank it right away will undercut the housing market and will find a lot of people losing their homes. We do not need a recurrence of the housing bubble.
Allow home owners to keep it as long as they are in their current home. Home values will still come down but at least this gives people time to have their homes reassessed.
A National Sales Tax is called the Fair Tax for a reason. Po’ folk would pay THEIR FAIR SHARE and as a result have ‘skin in the game.’
Trim it to $50,000
I agree. It is not good. But it’s a great real estate sales tool. ;)
It’s welfare for the middle class. Lower it ti 250 for starters. Anyone who can afford ANY home is w/o any deduction is middle class.
There are many other factors which play into the price of a home which mask the effect of tax deductions. I'd rather address the problem of forced lending and government safety nets to guard against those not really qualified to buy.
Make it EVERYONE PAYS no matter how little they make so EVERYONE has skin in the game and I'm in. Best proposal I've seen on here in awhile.
I don’t like transaction taxes. They inject the government into even MORE of our lives.
Class envy. It always gets the hoi polloi all worked up.
I like either option, but lean toward the sales tax. It may never happen, since Congress uses the voluminous tax code to pick winners and losers. The winners help make congresscritters millionaires by the time they leave office.
I would go with the second alternative, emphasis on no deductions at all. The reason is because a national sales tax always leads to questions about “intermediate” sales, like where the company that produces parts for Detroit argues that the sales tax on cars captures the value added by the parts sold to Detroit, saying it represents double-taxation if their sales aren’t excluded. This leaves the enforcement in the hands of politicians who ultimately screw it up.
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