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View Diary: Well, one piece of good news from the WH: Obama rejects Baucus-Camp (10 comments)

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  •  But "some" deductions turn into mountains (0+ / 0-)

    of deductions and then higher rates and on

    what deductions does anyone need if rates are super low?

    •  Deductions (0+ / 0-)

      If the deduction for state and local taxes is eliminated,  people from higher tax states will lose out in comparison to other states.  If the mortgage interest deduction is eliminated, the housing market could crash again.

      •  Canada has no interest deduction and same rate (0+ / 0-)

        of home ownership, and the tax rates are now really low so you don't NEED the deduction

        NO social engineering of any kind

        •  Re: (0+ / 0-)

          Canada also has a national sales tax.  Do you want that?

          And you overlook the harm to the housing market, and the economy, that the transition from mortgage interest deduction to no deduction would cause.

          I don't know what you're referring to by the term social engineering.  Other than using a right-wing cliche.

          •  social engineering is any tax break intended (0+ / 0-)

            to advance something that seems advantageous, home ownership, college costs, children, drilling for oil, supporting farm prices, ...but if tax rates are LOW then we need no deductions and gov cannot favor one idea over another with tax breaks

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