Tax Increases To the Rich! (From Bush?)
Oct. 11 (Bloomberg) -- President Bush's tax advisory panel agreed to recommend limiting tax breaks for homeowners and employer- provided health-care benefits to help pay for repealing the alternative minimum tax.
The panel, meeting in Washington today, agreed the current $1 million cap on deductible mortgage interest should be reduced, possibly to about $350,000, and that the deduction should yield no more than a 25 percent tax savings, down from a top savings now of about 35 percent.
Just a note here: If you are paying more than $350,000 in INTEREST on your home mortgage… you don’t need a tax break on that. While this will severely irritate his base, it is about time Bush actually did something to justify his insistence that the tax breaks are not just for the “rich”.
But make no mistake, repealing the “minimum tax” is a good thing.
The minimum tax, imposed in 1969 to ensure that 200 wealthy families didn't escape tax with excess deductions, is now forcing millions of middle- income families to pay higher taxes because it was never indexed for inflation.
Good to see that we are going to reform/cut taxes in one area, with increasing taxes in another. That whole “revenue neutral” thing isn’t as crazy as it sounds is it Mr. Bush?
The panel, meeting in Washington today, agreed the current $1 million cap on deductible mortgage interest should be reduced, possibly to about $350,000, and that the deduction should yield no more than a 25 percent tax savings, down from a top savings now of about 35 percent.
Just a note here: If you are paying more than $350,000 in INTEREST on your home mortgage… you don’t need a tax break on that. While this will severely irritate his base, it is about time Bush actually did something to justify his insistence that the tax breaks are not just for the “rich”.
But make no mistake, repealing the “minimum tax” is a good thing.
The minimum tax, imposed in 1969 to ensure that 200 wealthy families didn't escape tax with excess deductions, is now forcing millions of middle- income families to pay higher taxes because it was never indexed for inflation.
Good to see that we are going to reform/cut taxes in one area, with increasing taxes in another. That whole “revenue neutral” thing isn’t as crazy as it sounds is it Mr. Bush?
