I was shocked by something I heard from one of my friend’s sons the other day. He is a college graduate with a business degree and fortunately has a job. We were all talking about the fiscal cliff and how it would affect people making over $250K a year. His reaction to the top rate rising to 39% along with the California State tax increase due to Proposition 30 prompted him to say, “Whew, I think I dodged a bullet! I was up for a promotion with a pay raise but someone else got it. I’m pretty sure my...
A big hand-out is the mortgage deduction. It pushes prices up because the gov't subsidizes the interest and you can deduct it. you also an deduct your property tax. Then you can sell it for a big gain and no tax on any gain under 500K. This is welfare by another name. The only fair way is a flat tax' absolutely no exceptions, deductions, or credits.
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