Eliminating deductions is part of what’s necessary to move towards a flat tax. Interesting proposal.
Good point, I wont knee jerk, have to look at this more closely.
Some years ago, I think under Clinton, there was a proposal floated to eliminate the deductabilty of state and local taxes. Chuckie Schumer went ballistic over it. The diea was withdrawn..
Yes and movement to simplify taxes would be very good. But where’s the firm commitment to a substantial tax rate reduction that should accompany eliminating so many significant deductions for so many working people? Without cutting the rates down to size, this is little more than a huge tax increase. (And very, very poor politics.) Or have I missed something?
Ok I see now. A promised 20 pct rate cut. Sorry I overlooked that. This is still a fairly small step in light of the need to resurrect the economy (with far, far lower rates and tax simplification). (Ps: why would his political advisors let him propose eliminating a couple of the most popular deductions when there are so many others that could be sacrificed with far less loss of voter support? A mystery). Well it sounds a bit better than the constant talk of higher and higher taxes.
“Eliminating deductions is part of whats necessary to move towards a flat tax. Interesting proposal.”
No, it is just a way to tax us more. Don’t be so naive to think there is ever going to be a flat tax. Ain’t gonna happen. Ergo, I get taxed doubly when I can no longer deduct property tax and state income tax. Not a good idea.
IF eliminating tax deductions could be completely linked to implementation upon a flat tax, then it “might” be worth considering. However, to eliminate deductions before, just means I pay more. PLUS, remember....the POTUS has NO POWER TO RAISE OR LOWER TAXES. That resides WITH THE CONGRESS. So, any candidate can pipe dream all he/she wants...they cannot deliver without congressional initiation.