Posted on 08/10/2015 7:13:51 AM PDT by Jack Hydrazine
You seem to have missed the point.
If you can afford the payments, it is not beyond your means. If you tried to save to make a cash purchase of a home, you'd be paying rent to someone else and have less to put away. A mortgage is a win-win for MOST people; you get a residence and a writeoff and the bankers make a buck.
No different than now.
Howabout paying all 20% of taxes to the state, and let the states pass on the fed portion to the fed.
Works for me!
There is no reason why interest on a home mortgage should be deductible when interest on other loans is not. It’s crony capitalism for one sector of the economy. I do think it needs to be phased out gradually for those who are current mortgage holders though.
Likely you would pay 5% on the first $100,000 and 15% on the income over that. Similar to the tax code now.
But, IMO the 5% 30k-100k , the bulk of taxpayers would not collect enough money. Everyone should be paying something.
While it sounds good on paper there’s the reality of DC. The tax code is deliberately complicated so that member of Congress can reward donators, lobbyists and significant businesses in their districts and states. Loopholes are their method of saying “I fought for you”, no loopholes, no fighting for you, no buying votes.
A downturn in housing affects other market segments. Appliances, carpet and flooring, paint, landscaping...
So you do away with business taxes, capital gains taxes, and inheritance taxes, then you slash income taxes to these levels and you honestly think there is a chance that it'd be revenue neutral? My expectation is that it would cut federal tax revenue considerably. So what is Trump going to do about cutting spending enough to balance the budget?
I don't know. How many?
If we are going to have a flat (or almost flat) tax system as supposedly advocated by Trump, we need to have a true fill-it-out on a postcard system where no one gets any deductions for anything whatever.
Unfortunately Trump is advocating none of that.
In retrospect you probably should have left that part about the "massive accounting scandal" out of it.
Yeah who cares about all that deficit spending anyway? President Trump will just declare bankrupcy, wipe most of it out, and start the process over again as he's done four times before. Oh wait...
Interesting that under these rates most folks would pay more to F.I.C.A. than Federal Income tax.
The other point is eliminating corporate taxes and imposing meaningful tariffs. That would trigger massive capital repatriation inflows as well as "insourcing" jobs back to the U.S.
The key point, however is to restore taxation to its intended purpose of revenue generation rather than as a tool for influence-peddling. Most the lobbyists that infest D.C. are there to plead for special favors in the tax code. They can all look for real jobs.
At least one!
You put more money in the pockets of the American what do you think might happen?
Our government at one time did not take care of people like this. People took care of people.
You think the government can love your child or your relative better than you?
They'll spend some of it. And?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.