That’s what I mean! I don’t want any deductions, credits, or loopholes in the federal tax system. Hard, nice flat 10% income tax would solve a lot of our problems.
its double taxation...a tax on a tax...
That would be an economic disaster. Bankruptcies would soar because of the collapse of the housing market because of the realization that the cost of mortgages increases. Banks would foreclose on housing which will threaten their solvency.
People’s simple solution are ill-conceived and not thought through. This is one of those.