"For starters, many current taxpayers depend on the mortgage interest deduction to assist them in affording their homes."
That 'assistance' is an illusion. The 'subsidy' that all borrowers get is factored already into the price of borrowing. The fact is that without income taxation, borrowing would be cheaper- because the price of lending goes up when you add a tax to it.
If you think about it, the deduction we get on income taxes is not some generous bonus that provides something of value to anybody and it certainly isn't free- it is a loophole that exists to make a bad system tolerable. It is a 'solution' to a problem that was caused by income taxation in the first place. It is certainly not a basis upon which to defend the current tax system.
I own my house outright, so I don't care about mortgage deduction. And no, I'm not rich, I just work my tail off! I've never considered tax deductability as a reason to give to charity. I give out of compassion for my fellow man.
What kind of man supports the Fair Tax? A blue collar construction worker--a cabinet installer--who hasn't a penny in any retirement account, but desires freedom more than security.
What proponent of the Fair Tax Act ever claimed it was flawless? We do claim however, that it is far, far superior to the current system.
“…many current taxpayers depend on the mortgage interest deduction to assist them in affording their homes.” You pay income taxes first and then you pay your mortgage. Name a lender who lends bases on interest tax deductions.
“Many current taxpayers also show further generosity in donating to charities because in doing so they can reduce their tax load; eliminate income taxes and you eliminate the reason for donors to be so generous” Donating one dollar to save twenty two cents never makes any sense.
YES! Tax free municipal bonds are the very loopholes the Fair Tax would eliminate.
Keeping the IRS for the sake of retaining jobs is the same thing as hiring four paper filers instead of buying one computer because it keeps four jobs.
People will start to become a “business” to avoid taxes. Now you’re thinking! The “rich” are rich because they do that now. If you don’t own a Sub S right now, you are throwing money away.
Mom and Pop stores! The question isn’t who will monitor them. The question is who is monitoring them, at what cost, and is it working?
As far as the cost of goods relative to income, read Adam Smith.
It’s amazing how close you are but always seem to miss the point. You are an American, you should get this.
Put on your American thinking caps, read a nice Adam Smith novel, and wonder upon a star how America got where it is today. You just might get it.
Read Adam Smith!!! I'm not kidding.
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