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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Triffin who wrote (84453)	11/6/2004 3:11:32 PM
From: Captain Jack	Read Replies (1) \| Respond to of 793928

The most difficult deductions to eliminate would be interest on mortgages and property taxes. Those items are the only way some can afford to keep their home.

To: Triffin who wrote (84453)	11/6/2004 3:21:34 PM
From: Keith Feral	Read Replies (1) \| Respond to of 793928

I think individual deserve the same tax advantages as public companies which pay taxes on gross income as defined by total revenues less expenses. Trying to make a schedule C deduction on your personal tax return is pointless. AMT tax hikes keep lifting your effective tax rates as you begin deductions add up. Open your own business and things are much different. Did anyone hear Bush talking about the number of small businesses and subchapter S corp's during the debates. That piece gave me a big shit eating grin since Congress approved an increase in business deductions from $25,000 to $100,000 per year. Therein lies your $50,000 income exclusion. It's actually double that amount now. All you have to do is figure out how to incorporate your own interests.

To: Triffin who wrote (84453)	11/6/2004 3:25:38 PM
From: Justin C	Read Replies (1) \| Respond to of 793928

supplemented with a modest national sales tax on consumption excluding food and clothing .. This would result in double federal taxation on the amount of expenditures for national-sales-taxable items made with after-federal-income-tax monies accumulated prior to the implementation of the national sales tax. How would this double-taxation problem be addressed?

To: Triffin who wrote (84453)	11/6/2004 3:38:43 PM
From: Lane3	Respond to of 793928

Historical precedence .. To influence/facilitate desirable behaviour .. Fairness .. I'm sure there are other worthwhile deductions or perhaps none would be better .. I favor a flat tax. I would have no deductions. Your point about historical precedence is relevant from the political perspective. People would more likely support a change if they could take their favorite "blankies" with them. As for fairness, there ain't no such thing. I've done enough work involving fairness to know that it's in the eye of the beholder. If fairness is unachievable, then identical treatment is the next best thing. As for reinforcing desirable behaviors, that's what our entire crazy-quilt tax code is set up to do now. One thing leads to another. Best way to stop the slippery slope is to not start over it. In any event, I don't know what desirable behaviors your set of deductions reinforces. Those are all things that are desirable to do with or without reinforcement. Are people really going to get medical treatment to get the deduction? No way. Those particular deductions are to subsidize folks for costly moves that they would make anyway. I don't see a good reason to do that, particularly given the slippery-slope risk.