Let’s keep the GOP’s feet to the fire during this tax raising season. The first “tax loophole” that should be put on the table is the tax advantages to any governmental taxes and debt. This means:
1) there should be taxes levied on all government bonds, local, state, and federal. Governments compete with private enterprise for financing, but they get the unfair advantage that interest on their bonds is tax free. Why in the world should conservatives, libertarians, and the GOP want to allow that?
2) why should local and real estate taxes be tax deductible? Just because local taxes are high in California, why should that reduce the tax revenue to the federal government? Residents of high tax states should feel the squeeze for living in such states.
I hear what you’re saying. But I’m suggesting we go for the tax breaks that affect the wealthy, not the average homeowner or small investor. Let’s focus our efforts on the class that have been telling us that we need to be taxed more: the billionaires like Warren Buffet, the Hollywood fat cats, the tax exempt foundations and endowments that give the ultra-wealth an unfair advantage, the media that stand ready to support every tax increase that any Democrat proposes. Let’s have them pay their “fair share.”