Though I think eliminating deductions is a good long term goal, I don't think it is either fair or economically advisable to just - Wham! - slam the door on them. People have based their lives and their budgets on the current rules and should be given time to adjust - a phase out over at least five years.
I don't understand why there is a provision to prevent Medigap policies from covering the 1st $500 - aren't medigap policies private policies bought and paid for by individuals. Let's get the government out of the business of dictating the terms of private contracts (except to prevent fraud).
By the way, my recollection is that at the time the 16th amendment was crafted, there was discussion of limiting the tax to a maximum of 10% - but the thought was that 10% was such a ridiculously high figure that it would never be reached. (Maybe someone with a better memory can confirm or refute.) Maybe this time we DO need to put it in the Constitution.
“Though I think eliminating deductions is a good long term goal, I don’t think it is either fair or economically advisable to just - Wham! - slam the door on them. People have based their lives and their budgets on the current rules and should be given time to adjust - a phase out over at least five years.”
Eliminating deductions on Mortgage and Charity should NOT happen. Charities would be hurt and most middle class home owners as well. For many, the difference between mortgage deductions vs not having them...is the difference between buying a home or renting foreever. Mortgage deductions are GOOD for the economy because they DO increase home purchases.