(03-04-2015 08:13 PM)South Carolina Duke Wrote:  

(03-04-2015 05:37 PM)VA49er Wrote:  

(03-04-2015 03:56 PM)EverRespect Wrote:  

(03-04-2015 03:43 PM)Niner National Wrote:  

(03-04-2015 02:47 PM)South Carolina Duke Wrote:  The is the current tax code (law) of the land.

On the flip side, why should 50% of the people working not pay any taxes? Why are over 50% on some type of govt assistance?

Do away with child tax credits, property tax writeoffs and mortgage interest deductions and that won't be the case.

That'd be a big blow to the real estate market though.

That would be an even bigger blow to middle-class families, especially when they are in the midst of a population crisis. I actually think we need to raise the child tax credit.

That credit is useless if a family makes a decent income.

I get it and we do very well. But a credit is a credit especial to those that actually own property and are contributing.


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I haven't been able to claim it for the last 5 years. It starts to phase out and then is gone completely.

It starts to phase out at around $105k per year/household. I know this because we were right at the threshold and I just did our taxes. Eliminating it would cost me $42 per semi-monthly paycheck ($84 next year when we will be claiming 2). This is significant - a utility bill x12 or almost 3 months of day care. Eliminating the mortgage deduction would cost a lot more than that. I expensed $18k last year, which amounts to about $4,500 at a 25% rate. So you are proposing to take $6,500 per out of my pocket, as solid middle-class guy contributing to society and replacing the population. That is over 8 months of a licensed day care or a full year of at home day care. The middle-class has been squeezed enough.

(03-05-2015 08:52 AM)EverRespect Wrote:  It starts to phase out at around $105k per year/household. I know this because we were right at the threshold and I just did our taxes. Eliminating it would cost me $42 per semi-monthly paycheck ($84 next year when we will be claiming 2). This is significant - a utility bill x12 or almost 3 months of day care. Eliminating the mortgage deduction would cost a lot more than that. I expensed $18k last year, which amounts to about $4,500 at a 25% rate. So you are proposing to take $6,500 per out of my pocket, as solid middle-class guy contributing to society and replacing the population. That is over 8 months of a licensed day care or a full year of at home day care. The middle-class has been squeezed enough.

The mortgage deduction is the main item that keeps me from owing lots more than I usually owe. If that went away, would have to figure out some other way to save $$.