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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: XBrit who wrote (640494)	10/8/2004 1:21:50 AM
From: DuckTapeSunroof	Respond to of 769670

"detail that progressive taxation leads to lower-income people paying a lower percentage of their income in tax." Yes, just as loopholes result in high-income individuals and corporations paying much lower net rates.... "If you want to see a progressive taxation system together with total abolition of all loopholes, including the home mortgage deduction, I'd support that." Personally I'd support a modest amount of graduation in the rates (with a compressed rate schedule), and the near-total elimination of loopholes. I would prefer to keep just two: single home home mortgage deduction (up to some 'reasonable', inflation-adjusted maximum home price... I'm not religious about the precise ceiling... perhaps in the 1/2 million to 1 & 1/2 million range), and a deduction for charity --- also capped. All the rest should go... including the corporate deduction for interest on debt. Why in the world would we want to encourage debt over all other forms of capital raising (like retained earnings, equity offerings, etc.)?