Skip to comments.Key Tax Breaks at Risk as Panel Looks at Cuts .
Posted on 10/25/2010 8:19:02 PM PDT by Nachum
Sacrosanct tax breaks, including deductions on mortgage interest, remain on the table just weeks before the deficit commission issues recommendations on policies to pare back with the aim of balancing the budget by 2015. The tax benefits are hugely popular with the public but they have drawn the panel's focus, in part because the White House has said these and other breaks cost the government about $1 trillion a year.(Snip)At stake, in addition to the mortgage-interest deductions, are child tax credits and the ability of employees to pay their portion of their health-insurance tab with pretax dollars.
(Excerpt) Read more at online.wsj.com ...
Bring it, Bambi.
My crystal balls aez: raise taxes and remove populist deductions (without, of course, cutting spending)
veto-proof conservative majorities in both houses of congress AND the kenyan loses in a landslide in ‘12.
Hey, for good measure, why not raise taxes while you’re at it, Odumbo you dumb bunny? (by letting the tax “cuts” “expire”).
And what the heck, throw in a generous gas tax hike. I promise, no one will (fail to) notice!
And, I really hate when they some 'tax break' costs the government money...as if the money was the government's to begin with as opposed to some money that some taxpayer earned.
These clowns NEED to be stopped.
WTF?? It doesn't cost the gov't a damn thing...they're taking the money from us in the first place. Just another attempt to place a Marxist Level Playing Field where a free market belongs. Screw you, Obama!
Not going to raise taxes on those making under $250,000. Yeah, right. Not going to raise taxes, just take away massive amounts of tax deductions. Between these threats and the looming costs of healthcare I might go from living comfortably, to being taxed out of my house.
And of course, the strong housing market needs to be dragged down a bit. The DemonRats regard every hour you work as their property, and anything you may hold onto as a gift from them to you.
True, but what these beltway assholes are going to try to do is make Republicans give away their birthright for some shitty lentil soup. If Republicans give up general tax cuts and spending cuts in order to save certain deductions, Obama wins.
Why not eliminate ALL deductions and tax credits ? Including the standard deductions. Include in “income” the value of fringe benefits like employer-provided health insurance and company vehicle ? I don’t WANT a government deciding that income spent on mortgage interest should be tax-free while income spent on rent is taxable. I don’t WANT a government deciding that income spent on health insurance, childcare, solar panels, or electric cars should go untaxed while childless utility-using gasoline users have to buy those things from after-tax dollars.
What would be wrong with actually taxing the full value of all income or compensation ? Let’s do that at 10% for everybody and see what happens to tax revenues. Hint: The total revenue would be higher than the current system.
Why not do away with ALL deductions? Then the IRS can be eliminated. After all, the government steals the money from our paychecks. Therefore, no exemptions, no need to file a return and no need for the IRS.
No more tax increases.
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