Income Tax Reform - Will it come about?

Published on November 1, 2005 By Dr Guy In Politics

It is massive, and I think very good. But my personal opinion is it has 2 fatal flaws:

1. Mortgage Deduction: That Lobby is just too powerful and it will not allow this to go through.

2. State Income Tax Dedcution: The Big states (the most heavily taxed are some of the biggest) are not going to kill their golden goose. WHile texas and Florida love it, NY and California dont.

Any other wagers on the outcome?

Comments

Dr Guy

on Nov 01, 2005

One fatal flaw (unless it is indexed) is the health Insurance. Those numbers are fine today, but they will not be in the near future.

foreverserenity

on Nov 02, 2005

I agree with you. I wondered at the mortgage part when I heard the news yesterday. How the heavens would they make that happen? I dont' see it and wouldn't that surely be a loss for the housing industry, not to mention property owners and the really wealthy people out there? That's why it's not goign to happen!

As for the local taxes, they should really do aways with them but you're right, NY definately would not go for that! It's nice not to have to worry about that anymore being here in florida.

Dr Guy

on Nov 02, 2005

As for the local taxes, they should really do aways with them but you're right, NY definately would not go for that! It's nice not to have to worry about that anymore being here in florida.

I get to deduct my state taxes on my federal form, but not my federal taxes on my state form! Kind of ironic.

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