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I support people keeping more of their own money. The government has proven time and time again that they do a really poor job of managing the taxpayers' money.
Flat tax on all income above $20,000. 17% (estimated number) no deductions for anyone, no caps. Businesses, individuals, capital gains, etc. That should reduce the number of people required to prepare, review, and collect taxes since for a large number of people it would be automatically collected through payroll deductions. Eliminate caps on Social Security as well.
This tax would be coupled with a balanced budget requiring the government to work within the 17% revenue. If the economy is humming along then more revenue would be collected and money could be split between a surplus (rainy day fund) and debt reduction account.
I support people keeping more of their own money. The government has proven time and time again that they do a really poor job of managing the taxpayers' money.
No it's not. This is why reigning in our deficits is going to be so hard. Most folks just don't get what is going on. You are not entitled to a mortgage interest deduction it costs the government money in forgone revenue reducing the taxes it collects to below the statuatory rates.
As some others have mentioned a flat tax with no deductions at a certain income threshold would be more equitable.
There seems to be quite a few of us conservatives who support dumping the mortgage deduction. My main reason is usually used by liberals: "fairness." Why should anybody be subsidizing my second home, modest though it may be? Why should anybody be subsidizing another person's million dollar home?
The second reason is that subsidizing home ownership causes us to overinvest in real estate. The land is awash with McMansions that nobody wants, 4,000 and 6,000 square foot houses with just a couple of people living in them, etc. We would be wealthier as a nation if we had put our capital to more sensible uses.
It is another example of government policy creating inequities and making us all poorer--with the noblest intentions, of course.
I agree with the bold; I actually know several people who have way more house than they could remotely need (e.g. people with no kids having 4000 sq. ft. houses), and they bought these places for the tax deduction.
Tax deductions allow people to keep their money. What world do you live in that tax deductions dont change net proceeds?
It allows people to pay well under the statuatory rates depriving the government of income needed to reign in the deficit.
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