Posted on 03/08/2009 1:10:16 PM PDT by Nachum
The cluster of special federal tax benefits and subsidies for homeowners has long seemed politically untouchable. Those include deductions for mortgage interest, local property taxes and capital gains exclusions on up to $500,000 in sale profits.
Is the Obama administration serious about beginning to limit at least some of these subsidies?
(Excerpt) Read more at washingtonpost.com ...
Surprise, surprise! The WaPo is having second thoughts about their Messiah.
Is the Obama administration serious about beginning to limit at least some of these subsidies?A tax deduction isn't a subsidy, it isn't welfare for the rich, etc, but the WashPo writer sounds more like a HuffPo scribbler.
Mr Obama needs us to pay for his stimulus which includes:
$1.7 million for pig odor research in Iowa
$2 million for the promotion of astronomy in Hawaii
$475,000 for a parking garage in Provo City, Utah
$300,000 to build a Montana World Trade Center
$150,000 for a rodeo museum in South Dakota
I have said that over and over again. It is the most logical conclusion.
There is one other, but that one is unthinkable.
Damn, I didn't even catch that one. Good job.
But the bozos who wish to "raise tax revenue," allegedly so "the government can spend the money elsewhere," don't realize that when you increase a tax on an activity (which is essentially what you do when you take away or reduce an existing deduction for it), you discourage participation in the activity, which in turn reduces total economic activity and thereby reduces tax revenues.
In other words, tax increases ultimately reduce tax revenues, which is the flip side of the maxim that tax cuts ultimately increase tax revenues. It all goes under the rubric of supply side economic theory.
And the cruelest of these proposed cuts in tax deductions will be the cut proposed for the deduction for charitable contributions. Charitable giving will be discouraged at a time when charitable organizations are already suffering from reduced donations due to the recession. Yet the Left will always persist with the myth that their policies are "compassionate."
Bozo’s is correct. If you want to stimulate the economy you need to stimulate what runs the economy.
These clowns don’t have a clue.
Thanks for the ping!
His real goal is Obamunism..
I’m for that, too. It will never happen. The IRS-Gestapo won’t let it.
That sure isn't enough for the Marxists, now is it?
I think about 90% might appease them for a little while.
Tax policy is geared towards modifying the behavior of people. People make monumental decisions based on the tax code. How wrenching it is to people’s lives when huge changes are put through.
ML/NJ
That looks like one of the many pernicious parts of what the 'Rats meant by "change" and "hope."
I’m still reeling at their 45% death tax... more and more long term family ranches and farms fall to people like Ted Turner when they cannot afford to pay their inheritance taxes and I think that is criminal.
Half gone... in 311 days.
That's ill will. Wishing that kind of devastation on anyone could come back to bite you on the ass.
If they lose theirs, you'll probably lose yours too.
20% gone in just 28 days.
All wealth belongs to the ruling class,
and anything that you keep is a “cost” to them.
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