Should mortgage interest deduction and charitable donations be allowed?

Feb 2010
35,217
25,399
between Moon and NYC
Are people who buy homes somehow "better" than people who rent? Considering the rise in divorce rates and broken families in the last three decades, owning a home seems unrelated to morality and stability.

No idea where you are going with this little train ride...
 

Devil505

Former Staff
Jan 2008
73,380
31,506
Florida
Should mortgage interest deduction and charitable donations be allowed?

Better question: Should offshore banking be tax free? (& if so, how about if we all get to do it....Not just the Mitt Romneys' of the world?)
 
Aug 2012
13,691
3,858
Greenridge Free State
We are now hearing both Democrats and Republicans coming forward saying both the deductions for giving to charity and mortgage interest should be on the table when it comes to the fiscal cliff. Thoughts?

Paying for charitable giving - Washington Post

When will lawmakers get serious on the "fiscal cliff"? - CBS News




ALL deductions, credits and exemptions should end.

Federal income tax rates should be 5%,10%,15% and 20%.

This should be applied to the gross, and every dime of income should be taxed, no matter where it came from.

The brackets should be set to raise the revenue needed to balance the budget and begin to address the debt, not to redistribute income according to class jealousy and envy.
 
Feb 2011
19,327
14,329
The formerly great golden state
Oh, by all means, let's eliminate the mortgage interest deduction. The housing market is starting to recover, after all, and that's the last thing we want to have happen.

The Democrats could get credit for it. Can't have that happen!
 
Aug 2012
13,691
3,858
Greenridge Free State
Why should a taxpayer subsidize another person's house?

Oh, by all means, let's eliminate the mortgage interest deduction. The housing market is starting to recover, after all, and that's the last thing we want to have happen.

The Democrats could get credit for it. Can't have that happen!

This whole tax code needs to get down to brackets and percentages, and eliminate all the BS.

Parasite professions like tax attorneys that exist only to find the loopholes and contradictions, and tax preparers that are needed to sort through the crap, would just have to learn a new profession.

There will be nothing at all fair about taxes until 90% are paying, and 90% can prepare their own returns.
 

anonymous

Former Staff
Jun 2008
10,578
2,873
Passing Through
ALL deductions, credits and exemptions should end.

Federal income tax rates should be 5%,10%,15% and 20%.

This should be applied to the gross, and every dime of income should be taxed, no matter where it came from.

The brackets should be set to raise the revenue needed to balance the budget and begin to address the debt, not to redistribute income according to class jealousy and envy.
Bullshit! We do not need and should not have an income tax.
 
Dec 2010
27,601
4,839
Southington Connecticut
ALL deductions, credits and exemptions should end.

Federal income tax rates should be 5%,10%,15% and 20%.

This should be applied to the gross, and every dime of income should be taxed, no matter where it came from.

The brackets should be set to raise the revenue needed to balance the budget and begin to address the debt, not to redistribute income according to class jealousy and envy.
ok so you like the graduated or stepped approach to taxation ! That sound workable as long as you get rid of all excemptions. loop holes, pit holes, shit holes, and other assorted crap.
basically agree with you on the tax plan. I am not on the same wavelenght with you on "class jealousy and envy". Maybe I do not see it where I roam.

Yet such a plan would be "drastic " for most people and some tax ranges would pay more in the short run. What I do not see is hardly any politicians either Republican or of the Grand Old Democratic party having the balls to ever do such a thing.
 
Dec 2010
27,601
4,839
Southington Connecticut
Bullshit! We do not need and should not have an income tax.
bullshit - how are you going to run the country and keep a strong defence department ? You want to do it salaes taxes ? sure so goods and services would go up by 30 -p40 %