"I'm all for closing loopholes, except for the one I have."
LOL!
That's what EVERYONE SAYS... so, that's one of the biggest problems stopping reforms and lowered tax rates. It's called "NIMBY" (Not In My Back Yard).
Also know as "don't tax me, don't tax you... tax that fellow over there behind the tree!"
"My house. You probably don't want that one closed either."
I would HAPPILY toss out EVERY SINGLE loophole if that could get us a lowered rate, flat rate, simplified tax system. (Home mortgage deduction too... but that is MOST unlikely politically.)
So, recognizing the political reality of the situation, I'd be happy to CAP the deduction (1/2 million, 1 million, 5 million... whatever compromise is necessary to get flat tax system rolling), and limit it to ONE house per person.
(Philosophically, I see NO GOOD REASON at ALL why our tax codes should benefit *one form* of capital accumulation --- debt --- over all the others, such as equity issuance, retained earnings [savings], etc. We are made WEAKER because our tax code tilts us toward borrowing and away from saving. The mortgage deduction is only one part of that harmful tax code bias.)
"So are you campaigning for Steve Forbes?"
He has about as much chance as a polar bear... but I'd HAPPILY support ANYONE who pushed for true tax reform and spending cuts. |
