What about:
- the payroll tax employers would no longer pay?
- the hundreds of billions in accounting and tax expenses employers and individuals avoid complying with the current tax code?
- the millions of man-hours employers and individuals avoid complying with the current tax code?
- the millions of Americans not paying any taxes now, if not getting a "credit," that would start having some skin in the game?
- the capital gains potential no longer taxed?
- the market boom that would increase everyone's 401(k) value?
- the investment boom in America that could allow this $50K individual to find a higher paying job?
You’re awesome, togo!
That's what I'm seeing, too.
Yes, many of us will lose deductions. Deductions are a game we've played because that's the system we had to live with. But all deductions are is the government picking winners and losers. Home buyers are winners; renters are losers. Parents of minor children are winners; empty nesters & infertile couples who can't afford adoption are losers. Etc. It's just as wrong when it's private citizens as it is when it's GE.