[lelio]

A flat tax is better, preferably if we can keep the 401(k) and mortgage interest deductions to go with the personal exemptions.
And therein lies the rub. Why keep these exemptions around? Why should renters have to pay for your mortgage interest? What about my luxury 100' boat tax exemption, yada yada yada.
People like to talk about flattening the tax except when it comes to their personal ones. But that's human nature to protect what you have.

[Drewman626]

I see what you're saying. I'm a finance guy by trade and can tell you that us Financial Advisors and Estate Planners, as well as Accountants, would have more than two-thirds of our job responsibilities eliminated...


However...


There were always be State Income Tax... Deductions and pre-tax savings can be with the States still giving good reason to invest in 401K's and estate planning.

[hchutch]

The personal exemption is a matter of fairness, and too many people are used to it. The same with the home mortgage-interest deduction.

Speaking as someone who rents, I have no problem with that, and it is probably part of a compromise.

The 401(k), though, is VERY important. The more people invest, the more of a stake they have in fiscal conservaitsm, low taxes, and all of that.

The other important item is to ERASE corporate taxation. Those taxes on Microsoft, GE, GM, Chrysler, and other companies are paid by us in the form of higher prices. We ought to eliminate that and make this country more hospitable to businesses.

[miner89]

A flat tax is better, preferably if we can keep the 401(k)

Wake up people! A 401K is just an investment account that is protected from THE INCOME TAX. If there is no income tax, then effect EVERY ACCOUNT YOU HAVE IS A 401K!