On 27 Feb 2014
GOP Tax Reform Looks Great...Except for Urban Liberals,
What is beneficial to the middle class about the mortgage interest deduction (which would not be eliminated but the threshold reduced)?
You asked? Should be obvious: Most middle class families own houses. Most have mortgages. Most benefit from having the ability to reduce their total tax via mortgage interest deductions. Simple enough.Paralithodes says
How do you figure this?
I'm not the only one to state the obvious and I'm befuddled I am having to "explain" this given its common knowledge. The tax system is lopsided. The largest chunk the of the country's wealth is tied up in a very small upper percentage of the population and as of now are taxed at a lower percentage than the bulk of the population. Mathematically that makes no sense.Paralithodes says
Is this what happens when taxes are cut: revenues go down? Is this what annual revenue figures show on the OMB website, available for review and download right now?
Believe you might have misunderstood my context. What happens with the cost of gas, milk, cars, houses, lumber, labor, and food? Why... it goes up over time. That's called inflation. So with inflation, people have to pay more for those things. What do you think all those ships, planes, and government cars run on. I think they run on gas... right? So if the cost of gas, food, and other items goes up and the government uses those- just like the rest of us- then would it be a fair assumption to say that they are also affected by inflation? I think we can agree on that, so moving on, does it make sense to continually cut revenue when the cost of running even the existing programs goes up over time like everything else? Of course not. hence why a plan to never raise taxation- which in this case is revenue- is impractical.Paralithodes says
Perhaps you are not familiar with the history of our country, from the beginning and even through current times.
I am. In fact, since I assume that you are as well then you too would see that as recently as the 60's and 70's that the aforementioned tax situation I mentioned previously was actually backwards from where it is now, where the upper level earning segment of the population paid a much greater tax rate versus today where they pay less. People seemed to be ok with that too. So with that established, I can only assume you agree with my previous statements.mell says
It's a shame that Obummer and the Dems couldn't come up with anything but raising taxes on the middle class. This is a great proposal actually worthy of more thorough consideration than partisan hackery.
... except taxes haven't been raised on the middle class. In fact, its been readily and widely shown that taxes for the middle class have been lower than they've been in over 60 years. Pehaps this "Obummer" you mentioned would have done it, but Obama hasn't.
I'd be curious if it were the Democrats who had come up with this "stunning" piece of legislation. Bet those arguing against me would be totally against it.