Ok, I am throwing out my 2 cents. $0-$10000 - $0 $10000- 20000 -$2 $20000- 40000_ $ 500 $40001-$80000 - - $ 2000 $80001- $125000 - $2500 $125001- $250000 - $18750 $250001 - $500000 - 15% no deductions $5000000- $2,500,500 25% no deductions 2,500,001 on up 30% no deductions I'll offer for business, and eliminate the various levels...ie llc, corp s etc. One id for business. Tax rate of 20%, no deductions, no reason to hire lawyers, CPA's etc. A point of discussion. Give me the reasons why this is wrong. CPA's and a few lawyers lose their jobs but overall I see employment improving. Why not? I see no reason why I get a credit for having kids, but Oh yea I will take it. I have no mortgage, but if you do take the deductions good for you. The stupidity of deductions is a fallacy. The short term pain would go away quickly other than for the executives who justify their incomes on the falsehood of our current tax code.
Take away mortgage deduction, and RE prices will drop significantly. Raising kids in this day and age, is extremely expensive. That's the reason why many people opt out for 1 or 2. Taking child credits will not help with demographic. these are just 2 examples. Unfortunately, too many variables to consider for a plain vanilla scenario.
---CPA's and a few lawyers lose their jobs but overall I see employment improving.--- you have senate and house full of lawyers..both obama's are lawyers. do you seriously believe that they will do something that would kill some of them? not in this country,probably not in my lifetime btw-as far as i know-mortgage deductions are about to go away. kid credit is offset by something known as marriage penalty..all those things are imo just scraps,to boost more spending and consumption. but still real pain for real savers to see all this. i'm for simple tax. either flat or better yeat -on consumption level. cause i don't buy a lot of useless s** and new flat tv every year..US shouldn't fight with Russia over whatever,but take their flat tax system and apply here,in US. 13% flat on cap gains. that's it. ----$125001- $250000 - $18750--- nor sure,where is this come from.cause i'm in this bracket and i have ZERO deductions.have add that i'm simple man,living in simple world. i pay as i go. no mortgage or any other form of credit. i didn't own anything to anyone in this world.
Exactly. I am all for flat tax, but having my home for sale do I want to lose the house deduction hell no, not right now. Nothing in life ever changes until the pain becomes so great people are internally motivated to change.
when the economy is bad, everybody starts talking about taxes, like that is the problem if they spent more time thinking about how to make USA the land of opportunity, there'd be plenty of money to go around and pay for everything, regardless of the rates, the deductions, or the flatness of taxes.
I admit there will be an impact, but it would be short term. In the long run everyone would adjust, as they have to having these things. I can't honestly say that the interest deduction had any impact on buying. I put 20% down, and paid. When rates dropped I refinanced and paid off 6 years early. That should be the incentive, as opposed to buying what you can't afford and pretending a deduction will offset the cost. That would be a good adjustment for everyone. I hear you can get loans with as little as 3.5% down again. Really, why,because it worked so well in the past?
and so deductions..credit is a form of slavery(speaking of motivated behavior)..IMO-should be banned in true democratic society..PAY AS YOU GO.you earn-you buy.simple. same for taxes-they are created to create uncertainty..cause they are too complex. they are so complex that two-fife accountants and lawyers can't come up with same answer. this create dependency and uncertainty. anyone can be slaved under such law\tax code. ANYONE. we are all guilty more or less by default on reporting "use tax" for example..