Romney Tax revisions

[Embar Angylwrath]

http://www.bloomberg.com/news/2012-10-0 ... posal.html

So he floated the balloon of capping deductions at $17,000. While it certianly will affect higher income earners, it will also swallow a large portion of the middle class with mortgages, especially in high real estate states like California and New York. Property taxes and mortgage interest deductions can easily be double the $17,000 cap in California, especially in areas like LA, San Diego and the San Jose/San Francisco Bay area. For middle class homes that are easily in the $500K-$700K range in those areas, that's losing $20K - $25K in deductions, just in mortgage interest and property tax deductions.

And I'm ok with that. I never thought the government should be in the business of subsidizing a lifestyle choice.

[Partha]

http://www.bloomberg.com/news/2012-10-0 ... posal.html

So he floated the balloon of capping deductions at $17,000. While it certianly will affect higher income earners, it will also swallow a large portion of the middle class with mortgages, especially in high real estate states like California and New York. Property taxes and mortgage interest deductions can easily be double the $17,000 cap in California, especially in areas like LA, San Diego and the San Jose/San Francisco Bay area. For middle class homes that are easily in the $500K-$700K range in those areas, that's losing $20K - $25K in deductions, just in mortgage interest and property tax deductions.

And I'm ok with that. I never thought the government should be in the business of subsidizing a lifestyle choice.

Let's eliminate children deductions too. And writing off depreciation of equipment. After all, why should government give you a tax break for being too cheap to purchase new equipment?

Taxation is social engineering as well as revenue generating. Has been from day one.

[Ddrak]

Taxation is social engineering as well as revenue generating. Has been from day one.

Have to agree with this sentiment.

I also don't mind the idea of capping deductions, but would have to look at the fine print about what counts towards that cap. Assuming no trickery, deduction caps slam high income earners much harder than anyone else, but they get most of their tax savings from non-taxable income.

Dd

[Embar Angylwrath]

Yeah, I agree with Partha on that point. And I agree deductions for children should be eliminated. (Would be ironic if a Mormon pushed that, heh). Anyhting that smacks of favoring a lifestyle choice.. the government should get out of that.

Oh yeah, eliminate all subsidies for business sectors (oil, corn, soybean, etc)