Bush's appointed panel on tax reform released some of its recommendations and they are not reform but a giant TAX INCREASE: 1.. Limit the home mortgage deduction. 2. Make taxable employer contributions for health insurance. see: http://msnbc.msn.com/id/9665431/ This is just a tax increase, not reform. DS
Wouldn't these "reforms" affect just the middle class, basically? If it was fair to lower taxes across the board a few years back, shouldn't he raise them across the board now? It also seems that these "reforms" would actually make taxes MORE complicated. Now, you would have to calculate the median price for homes in your area in order to figure out your taxes. Yeah, that's going to simplify things a lot. Good job guys!
Wages are not rising nearly as fast as health insurance costs. It is a more dependable source of increasing revenue. That is not a good sign.
It's time the middle class paid their fair share too. I believe the mortgage interest cap will allow only $350,000 in annual interest be deducted instead of $1,000,000. C'mon. Anyone who has an interest only mortgage with annual payments exceeding $1,000,000 is silly.
The point here is that the govt. is changing the speed limit and is effecting the valuations of some housing...Obviously this is somewhat of a socialistic move...taking away the very values that the government used to allow... Who picks up the loss tab...? The owners of course.... This is like telling someone this is ok to do...he does it..and now the govt. says you no longer can do this...but does not share in the losses.... The tax reform act of 1986 was very similar in this regard ...and those who were effected...were affected in a very drastic way... So much for free markets.....
www.fairtax.org http://www.elitetrader.com/vb/showthread.php?s=&threadid=56953&perpage=6&pagenumber=1