Limiting Income Tax Deductions

[Airbrush]

Why is it all or nothing when it comes to closing tax loopholes? Keep the home mortgage interest deduction, but put a limit on it. Duuuhhhhhh!

 

So the average American takes a loan of $100,000 to $300,000, for example, to buy a home. For bigger loans for rich people, only allow the interest deduction for a $300,000 loan.

[iNow]

In Romney's case, that makes it EVEN MORE impossible to pay for his planned cuts... if "even more impossible" should happen to be a valid possibility for discussion.

[john5746]

Why is it all or nothing when it comes to closing tax loopholes? Keep the home mortgage interest deduction, but put a limit on it. Duuuhhhhhh!

 

So the average American takes a loan of $100,000 to $300,000, for example, to buy a home. For bigger loans for rich people, only allow the interest deduction for a $300,000 loan.

 

If Obama proposes it, it becomes a communist, big government redistribution of wealth.

 

I think Romney actually proposed eliminating second home loopholes for wealthy people, but I think he has learned it pays to be vague. He is just trying to make people think he will reduce their taxes. He is going to cut rates by 20%, but it will bring in the same revenue and the wealthy won't pay less % of taxes. And he is doing this to help small business. So if it helps them, who pays more?

[Phi for All]

And he is doing this to help small business.

Romney doesn't want to help small business. Small business is the biggest competition to big business.

[padren]

The magic number in Romney's plan is the economic growth that will supposedly result, which according to them will bring in the vast majority of the tax revenue that will be needed to pay for their extra spending - cutting things like PBS, Planned Parenthood, or closing loopholes no one filibusters over are purely ideological and really don't impact the bottom line.

 

I'm pretty sure it's the same magic number that George Bush was told by his advisers when he went forward with his tax cuts - and whatever it is, it always works out to making back a lot more money by lowering the tax rate.

 

The problem with the magic number is it's never worked, but the cause is always debated to death and is either attributed to the fact that it is, indeed magic, or that it would have worked if not for over-regulation and big government Democrats.

 

 

 

In all truth, the loop holes and "deep cuts" that Romney proposes are only a thin, distracting layer of icing on a very "Bush Era Economics" cake.