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Wait...I could rent out the house I currently own and live in, continue to claim the tax and interest deductions on it and then rent another home to live in and write off ALL the rent? Why wouldn't people do this when it would reduce the cost of housing by a considerable amount? Especially when we could just house swap with a like minded friend and know our property would be well cared for.
This Democrat (Alan Grayson - FL) is trying to do something right. We need to support this bill - write to your representatives and say he/she better vote in favor of it!
Legislation is written broadly and then unelected bureaucrats engage in the "rulemaking" process which fine-tunes the legislation to meet implementation needs.
I like to think I've figured out a nifty way to partially get around the proposed FairTax if it is ever enacted - because it's not specifically covered in the bill's text - but the rulemakers would close that 'loophole' in a hurry if anyone actually tried to use it.
How will you close the "loophole" without preventing all corporation owners from receiving the benefit of the deduction? In such a case how do you overcome the 14th Amendment equal protection clause (corporate owners are afforded the same equal protection of the law as everyone else), or how do you overcome the corporate property rights to intermingle corporate and personal accounts?
How will you close the "loophole" without intermingling spousal accounts and requiring that spouses file taxes jointly? In such a case how do you overcome the violation in property rights of the spousal owner of any property?
How will you close the "loophole" for friends renting their properties to other friends (while renting their property)? While retaining equal protection, and property rights?
By the time you close the loopholes the law will not be worth the paper it's written on, and no one will be getting a deduction.
When Government Got it Right - Tax Deduction for Renters
Tax deductions favorable to working Americans have rapidly diminished over the past few decades. Back in the 60s, rent was deductible. Interest paid on loans and credit cards was deductible.
These days, tax breaks go to corporations, not to taxpayers.
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When Government Got it Right - Tax Deduction for Renters
