EC>~> When I talked with her yesterday my sister reminded me that the
EC>~> left in this country
EC>~> is making noises about eliminating the tax deduction for home
EC>~> mortgage interest.

EC>I like the general idea, as long as existing mortgages are
EC>grandfathered in.  That is just one of the many tax deductions and
EC>tax credits that should be taken out of the realm of taxes entirely.
EC>Marginal income tax rates are higher than they need to be, in part
EC>because every other tax payer has to pay more to offset all the
EC>deductions and credits that some receive.  I don't think Congress
EC>should be spending over a hundred billion a year to help people pay
EC>for their houses, but if it wants to do such a thing it should do it
EC>directly and vote for the necessary appropriations instead of hiding
EC>the spending inside the tax code.

EC>But pragmatically, I don't think it will happen.  Too many voters see
EC>the subsidy to them, and too few see the cost.

It wasn't that long ago that all interest was deductible.  One downside 
of removing the deduction, is more government double taxation.  You pay 
taxes on your interest payment and the recipient also pays taxes on it 
as income.


Jeff 

CMPQwk 1.42-21 9999 
Progressive taxation is economic slavery for those who succeed .....

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