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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (56859)	9/22/2004 7:55:47 PM
From: Karen Lawrence	Read Replies (1) \| Respond to of 89467

Rove is unscrupulous. Bush plans to take away mortgage interest deductions: "Edwards charges secret Bush tax plan" by Stewart M. Powell Hearst Newspapers dailykos.com Here's a few quotes from it: "John Edwards accused President Bush yesterday of harboring a secret second-term plan for overhauling the federal tax system that could eliminate the popular tax deduction for home-mortgage interest that benefits more than 36 million taxpayers each year" "Asked about Edward's claim, Bush campaign spokesman Scott Stenzel said that any tax reform undertaken by Bush in a second term would "be applied fairly and recognize the importance of home ownership and charity in our society". He declined to commit to continuation of the home mortgage interest deduction in its present form, saying Bush would "work with Congress in a bipartisan way to implement tax reform that meets his goals." Bush told the Republican National Convention in New York that simplification of the tax code would be a goal during a second Bush term. A simultaneous White House statement said that the president would issue an executive order in 2005 to create a bipartisan panel to advise Treasury Secretary John Snow on "options to fundamentally reform the tax code to make it simpler, fairer, and pro-growth." Bush told a questioner at a campaign forum in Ohio on Sept 4, that a flat-rate federal income tax was "certainly one option" for simplifying the voluminous federal tax code." It goes on to list the five options for fundamental tax reform laid out in Paul O'Neill's memo. Then the article quotes Robert Gordon, domestic policy adviser for John Kerry as saying that implementing any of these options could lead to elimination of the home mortgage interest deduction, the largest single deduction for most middle-class taxpayers. "Bush's talk about tax reform might sound good until you get into the fine print of what it actually means," Gordon said, "Whatever version of tax reform they choose, they're going to have to eliminate tax deductions such as the home mortgage interest deduction" in order to make up for the lower tax rate that the five options produce".