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To: SeekAndFind

Simple...now that the government forces you to provide insurance for employees if you have more than 50, there is no need to use the federal tax code as an incentive for you to do so...so get rid of the tax write off for insurance coverage.
Since the government is going to take care of all your needs there will be no need to donate to charity - so there goes the charity deduction.

They will eliminate the tax deduction for the pension plans AND find a way to tax the gains made within those plans before withdrawal ! Plus likely place a 20% across the board tax on the current value to capture all the ill-gotten gains that weren’t taxed previously.

Mortgage deductions will be capped at some ridiculous amount to “punish” the high earners who have “too expensive” houses. They will also eliminate the mortgage deduction on second homes, because in their utopian society NO ONE needs too houses - and if they do have 2 they should be punished tax-wise.

All monies earned belong to the government anyway - just be glad they “let” you keep a little of what your labor produces - pretty soon John Kerry won’t be able to deduct this yacht maintenance - oh wait, they will exclude themselves from the legislation, just like the Obama-case fiasco.


11 posted on 11/22/2012 11:11:31 AM PST by Froggie
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To: Froggie
Mortgage write offs are already limited to interest on $1 million of loan amounts. Thats not per loan, thats cumulative.
54 posted on 11/22/2012 8:10:42 PM PST by mountn man (ATTITUDE- The Pleasure You Get From Life, Is Equal To The Attitude You Put Into It.)
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