Here's how your take-home pay could change if Trump's new tax plan is passed
Hmm....I keep wanting to believe that a plain 10% "flat Tax" would be the best way to do this, since the looters ARE going to loot, no matter what. All of this "talk" keeps adding up to just making the smoke a different color and making the mirrors more polished. It still is a game where you have to try to "out loot the looters" using all their weird gambits and tricks. There is still way too much money to be taken by keeping the current system, and all the "donations" it causes to be made, to political campaigns.
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The fox isnt going to vote for a reduction in the population of the henhouse.
But money you spend on interest to borrow is something you want to spend your own income on. Unlike state and local taxes there is no particular reason to subtract it from income as if you didn't get the income to spend as you want. It is a deduction for income taxes based on arbitrary political motives, partly appealing to populist resentment of "interest" as if it were not a price, partly because politicians are trying to manipulate home ownership, and partly because it is entrenched as a 'popular' deduction.
There is no reason not to eliminate the mortgage deduction in favor of lower rates -- but not abruptly because people made plans based on it, and ending it only for new mortgages would create an additional unjust cost for moving, forcing people to stay where they are by penalizing them for moving.
Hey!...you rhymed!!!...good job.
It is a looters tax as you have stated so well. ;^)
The "popular" mortgage deduction is only an excuse to transfer production from those who work to those only steal- the bankers who used their influence (pull) to get the government protected authority to create money for their own benefit.
The income tax has the political support of the bankers, and its purpose is to secure payment to bankers of the government's debt due to profligate spending (partially to buy votes) - and to enslave the productive people.
It was not a coincidence that the federal reserve act and the income tax were both created in 1913.
Even Trump recognized the principle of no double taxation with "income" taxes on taxes -- before he contradicted himself and invoked it himself. His original PR list for the latest round stated no double taxes explicitly to justify getting rid of the ghoulish death tax, then the next item in the list revoked deductions for state and local taxes. The item after that insured that the "popular" mortgage deduction would not be touched.
He's so used to emotional thinking in units of micro tweets, with the attention span that goes with it, that he can't put out a list of a few items without contradicting himself.
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