Posted on 02/25/2014 2:51:02 PM PST by Theoria
Can you end the taxation of corporations under that plan? You’d kill two birds with one stone - it would end the government regulation of non-profits and end corporations buying politicians for tax favors.
Right, but with mortgage and other deductions, not really. If the ate eliminating deductions, potential net loss.
Amen! How about we scrap it all and set a flat tax of 16% for everything, income, fica etc... for all parties, no deductions, no special carve outs. You pay this on your income period. And scrap the business income tax altogether.
Good point. But anyone in the $400,000+ tax bracket already has Alternative Minimum Tax considerations to deal with, so they’ve lost the ability to deduct things like mortgage interest anyway.
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