Sucker Bait: Tax Rate Cuts for Lost Deductions

On October 27, 2012, in Uncategorized, by consinfo_user

Going after ‘loopholes’ is good politics, but bad news for taxpayers.
By Jon Basil Utley

Romney’s campaign musings about how he would cut income tax rates by 20 percent (when half of Americans don’t even pay income taxes) has now floated the ultimate loser for all tax paying Americans. This is a $17,000 limit per person for all deductions including mortgage interest, charitable, and state taxes. The concept was first floated by Obama to limit charitable deductions to a maximum rate of 28 percent for high income taxpayers, even though marginal tax rates are at 35 percent and may go to 39 percent at the end of this year. Once the principle is established to curtail deductions, future congresses can then cut them more and more…

Read the full article at The American Conservative:


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