Lot's of talk about getting rid of it.
Sure, hold down interest rates to near zero where the deduction is nice but not necessary. Kill the deduction then let interest rates zoom up and screw the another American asset.
Live, you have masterfully described how I feel about taxes and paying back the national debt. After decades of shipping out jobs, decades of squashing wages, decades of taking away benefits, the Republican party is banging on the table to "broaden the tax base" and do things like take away the mortgage deduction.
Assets of the working class used to be savings and their homes. Both have been destroyed in order to propel our stock market ever upwards. If you vote for Republicans Live, be proud of your result.
Max, you could easily say the same thing, vote Democrat and you get what you vote for.
And what we have today is a majority who pay no Federal Income tax voting for those who pay to pay more. As recently seen in California. Everyone needs to have skin in the game and pay Federal Income Tax no matter how little.
Whether you vote Democratic or Republican Lou, you don't get what you allegedly vote for. We should stop arguing as if this were not the case.
You are correct that half of the taxpaying public does not pay Federal Income tax, and I appreciate that you spell that out. What continues to interest me is why we are so obsessed about this group when collectively, they earn less then 15% of all income. 50% of the tax payers collectively earn less then 15% of all income. My solution would be to pay them better so they earned enough to pay taxes. The right of center solution seems to be keep them earning shit wages but tax them more.
There is no denying, if we are going to fight to the death to keep the top tax bracket where it is, we cannot afford what we are spending right now. Then again, this was just as true in 1980 which was the year we decided deficits don't matter. Since then, we have cut taxes, but kept spending. Yet, it's poor people who are to blame for not paying their fair share. So, the essence of an argument like yours Lou is that tax rates on the upper 50%, who earn close to 90% of all the income, should not be budged an inch higher and instead, we need to tax harder those who actually go to work for shitty wages and do the work that keeps our consumptive lifestyle cheap. Not only is it fair, apparently that they work for such crappy wages, but additionally they are not pulling their weight by losing even more income.
On the flipside, maybe seeing the right appeased on this issue would be a good thing. Perhaps if those people got taken down another peg they would finally wreak the kind of havoc that causes real income reform. Not likely, but possible. BTW, do those poor not still pay payroll tax to support the slackers on SS?
Live, you have masterfully described how I feel about taxes and paying back the national debt. After decades of shipping out jobs, decades of squashing wages, decades of taking away benefits, the Republican party is banging on the table to "broaden the tax base" and do things like take away the mortgage deduction.
ReplyDeleteAssets of the working class used to be savings and their homes. Both have been destroyed in order to propel our stock market ever upwards. If you vote for Republicans Live, be proud of your result.
Max, you could easily say the same thing, vote Democrat and you get what you vote for.
DeleteAnd what we have today is a majority who pay no Federal Income tax voting for those who pay to pay more. As recently seen in California. Everyone needs to have skin in the game and pay Federal Income Tax no matter how little.
Whether you vote Democratic or Republican Lou, you don't get what you allegedly vote for. We should stop arguing as if this were not the case.
DeleteYou are correct that half of the taxpaying public does not pay Federal Income tax, and I appreciate that you spell that out. What continues to interest me is why we are so obsessed about this group when collectively, they earn less then 15% of all income. 50% of the tax payers collectively earn less then 15% of all income. My solution would be to pay them better so they earned enough to pay taxes. The right of center solution seems to be keep them earning shit wages but tax them more.
There is no denying, if we are going to fight to the death to keep the top tax bracket where it is, we cannot afford what we are spending right now. Then again, this was just as true in 1980 which was the year we decided deficits don't matter. Since then, we have cut taxes, but kept spending. Yet, it's poor people who are to blame for not paying their fair share. So, the essence of an argument like yours Lou is that tax rates on the upper 50%, who earn close to 90% of all the income, should not be budged an inch higher and instead, we need to tax harder those who actually go to work for shitty wages and do the work that keeps our consumptive lifestyle cheap. Not only is it fair, apparently that they work for such crappy wages, but additionally they are not pulling their weight by losing even more income.
On the flipside, maybe seeing the right appeased on this issue would be a good thing. Perhaps if those people got taken down another peg they would finally wreak the kind of havoc that causes real income reform. Not likely, but possible. BTW, do those poor not still pay payroll tax to support the slackers on SS?