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Or we could just trade away the state & local tax deduction for lower marginal rates. Why should persons who choose to live in a state with reasonable local tax rates have to subsidize larger deductions for those who choose to live in states with punitive local taxes? If you make $60k, you should pay the same FEDERAL TAX whether you live in NY or Montana, whether you pay $12k in property tax or no property tax. Same with the mortgage interest deduction. phase it out, phase in lower marginal rates. No reason two people with identical incomes and identical situations other than one has a huge house with a huge mortgage and one has a modest house with a modest mortgage that the person with the larger house should have to contribute less to run the Federal government.
1. its not a large house...its a 100yr old colonial farm house 1400sf on a 60x100 lot
.2 because cost of living is differetn in everyplace
a person 'earning' 60k in montana may not get saddleded with 20k worth of state/local taxes..that's why the fed give the breaks,,because they know that NY is not Miss.
let's use a million dollar earner and the top brackets....if we go by what some liberals are pushing for the top federal bracket would be 90%...now let's look at New Jersey the top bracket is 10%..and they have high property taxes...so without these deductions a million dollar earner could easiy get git for 900k in federal taxes..then 100k in state taxes..and not have ANY MONEY left to pay his property taxes let alone food...that is why the state/local is able to be writen off the federal
A childless burger flipper working full time at minimum wage pays $500 federal income tax in 2011.
false
their total tax is 500..then take off the 401k credit (line 50) of 200..(they do 'contribute' their 5%...then take the 400 make work pay credit and they tave a total tax of NEGITIVE 100.....and that's with the standard deduction...if they itemize (because of lots of medical bills) it can be even less
Conservatives advocating that people pay taxes. Liberals arguing that its perfectly fine for people not to pay taxes.
The world is upside down.
It's not out of character at all. Liberals want gigantic social programs. It doesn't matter how much they cost, or whether they "work". All that matters is that someone else pays for them.
Conservatives want spending limited to the legitimate purposes of government. They want that spending balanced to revenue. They want the revenue raised in a fair way, without artificially favoring certain groups. And they want all but the most destitute to have a reason to be concerned how their money is spent.
The inflation tax affects everyone equally. So should the federal income tax. Flat tax, or even better... head tax.
So if someone is out of work you lock them up for tax evasion? Nice....
My preference is a flat tax on the bottom 99% and on the top 1% a swing tax based on the total debt in % of GDP. That will keep debt bubbles from happening.
So if someone is out of work you lock them up for tax evasion? Nice....
My preference is a flat tax on the bottom 99% and on the top 1% a swing tax based on the total debt in % of GDP. That will keep debt bubbles from happening.
No it won't, because many in the bottom 99% will keep demanding policies and regualtions that inflate bubbles. CRA anyone?
It's not out of character at all. Liberals want gigantic social programs. It doesn't matter how much they cost, or whether they "work". All that matters is that someone else pays for them.
Conservatives want spending limited to the legitimate purposes of government. They want that spending balanced to revenue. They want the revenue raised in a fair way, without artificially favoring certain groups. And they want all but the most destitute to have a reason to be concerned how their money is spent.
Exactly.
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