Socialist Tax Deductions
Followup to my previous post about what it's like to live under the socialist nightmare of Barack Hussein Obama's socialist boot-heel:
If you really want to talk socialism, talk about the home mortgage interest deduction which has allowed me to reduce my tax burden by "-22 Obamas", from 20% to 12.7%. It doesn't seem right that I should pay less taxes because I own a house, but that's the way it is. I wonder how many Tea Partiers would be willing to strike a blow for freedom, capitalism, and personal fiscal responsibility by giving up the biggest tax break most people get.
That said, before the Tax Reform Act of 1986 all interest on all personal loans (including credit card debt) was deductible. Perhaps Reagan deserves some credit for actually reducing a degree of of socialist income distribution by making sure everyone pays their own credit card bills.
But *that* said, I don't know where the idea that Reagan cut taxes came from. It's true that Reagan substantially reduced the top US Marginal Income Tax Rate from 70% to 30%, but then again he also reduced loopholes and deductions like the one above, which is why the actual tax/GDP percentage of taxes collected didn't really change that much:
If you really want to talk socialism, talk about the home mortgage interest deduction which has allowed me to reduce my tax burden by "-22 Obamas", from 20% to 12.7%. It doesn't seem right that I should pay less taxes because I own a house, but that's the way it is. I wonder how many Tea Partiers would be willing to strike a blow for freedom, capitalism, and personal fiscal responsibility by giving up the biggest tax break most people get.
That said, before the Tax Reform Act of 1986 all interest on all personal loans (including credit card debt) was deductible. Perhaps Reagan deserves some credit for actually reducing a degree of of socialist income distribution by making sure everyone pays their own credit card bills.
But *that* said, I don't know where the idea that Reagan cut taxes came from. It's true that Reagan substantially reduced the top US Marginal Income Tax Rate from 70% to 30%, but then again he also reduced loopholes and deductions like the one above, which is why the actual tax/GDP percentage of taxes collected didn't really change that much: