If loopholes, excepting mortgage and charitable deductions, are done away with, I’m okay with that
Reagan did away with loopholes, and lowered the tax rate tremendously.
I don’t think that Obama is such a giving mood.
“Graham said. “If you did away with all deductions and exemptions except charitable giving and the mortgage interest, that’s $1.2 trillion that’s spent every year.”
I don’t like this guy, either, but this makes sense to me.
“...except charitable giving and the mortgage interest...”
How many of you are able to take advantage of anything other than this?
Maybe health care deductions, but that’s all that I can think of...
I'm not ok with my state taxes getting taxed again at the Federal level.
But I think that's the large pot of money he's going after.
Think of all those wealthy folks paying 7,8,even 10% in state and local taxes in NY, CA, and so on. The amount of taxable income jumps 7, 8, or even 10% when this kicks in.