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Today's Poll: Should the tax deduction for home mortgage interest be eliminated?

By Howard B. Owens
Doug Yeomans

I think the tax laws need a major overhaul, period. Why not eliminate federal and state taxes from paychecks entirely? go to a 20% spend tax and eliminate all the complicated tax BS. The state, local and federal governments would be much farther ahead by streamlining tax collections and eliminating the IRS for the average citizen. It would be impossible to run afoul of the tax laws by going to a spend tax and everyone would ultimately pay far less taxes than they do now. It's a win/win all the way around.

I know that going to a spend tax isn't as simple as I've made it sound, but I think it's time to seriously consider going that way instead of trying to play the tax games and risking an audit every year. People get creative with their itemized deductions and who can blame them?

Ultimately, every government body needs to spend less. My tax burden is already in excess of 50% of my "income" when I add up what was taken from my paycheck, fuel taxes, sales taxes, property taxes and all the other hidden fees and taxes I have to fork over. It's time for tax laws to be in OUR favor, not the other way around.

Oct 11, 2012, 9:02am Permalink
Mark Brudz

I have long been an advocate for a FLAT 19% tax with a single deduction for the first $35,000 earned for every one.

Those making less than $50,000 that way will pay little if any in actual tax, those above $50K have a low single rate to pay.

The Capital gains should be totally exempted for the first $150,000 than at a 15% rate period.

Our current tax code is NOT about revenue, it is about political favor and as long as we keep adding or subtracting deductions that is all that it will be.

Oct 11, 2012, 9:38am Permalink
Doug Yeomans

Speaking of political favor, didn't Obama promise to end lobbying to garner favor and to make government more transparent? Hey BO, how's that working out for you? Oh yeah, one more thing, you promised 5 days for the public to review all bills before you sign them. I guess the affordable health care bill was exempt from that promise.

[video:http://www.youtube.com/watch?v=uLFSanvt_kg&feature=related]

Oct 11, 2012, 10:22am Permalink
Mark Brudz

John in a perefct world I would agree with you, however, you do have to have some sort of deduction for the poor and 'Working poor' at the least.

I do agree with you whole heartedly on 'NO TAX CREDITS' from the FED. With the 19%/$35 deduction there would be no need for tax credits for the working poor and for those above $50K tax credits are mere social engineering projects, so they should go fast.

Oct 11, 2012, 10:36am Permalink
Mark Potwora

I call the tax code the book of favors.....The code is all about giving one group of people a tax break over another ...The only pure and fair system is the flat tax....Most people take the standard deduction..So having the home mortgage interest deduction is only for those who file long form... Why does someone who rents but has the same cost for housing needs not get to write off part of there income for housing..Why does someone who owns their house not get to write off part of their housing expense...It is an unfair system and needs to be changed...Isn't the home mortgage interest deduction part but not all of the reason for the housing crisis...People buying homes they couldn't afford so they could write off part of their income .....

Oct 11, 2012, 11:59am Permalink
Doug Yeomans

Owning a home is far more expensive than renting, Mark. Renting is one price no matter what happens. Being a homeowner means not only having a mortgage but also all of the associated maintenance costs, insurance, taxes...etc. I have owned 3 pieces of property and have used the long tax form for 22 years. It at least doubles what I can claim on a standard deduction but that doesn't mean I get a huge tax return.

The best tax reconciling is one where you get almost nothing back. It means you didn't "loan" the government your money all year free of charge. Imagine if we were able to get a return WITH interest? If you short the government, they'll assess you penalties and interest. That's what I'm talking about when I say that the tax laws should be in OUR favor!

We the people, the people that actually SUPPORT the government and enable it to exist in the first place! I'm tired of commercials on the radio telling everyone that ex-IRS agents will help protect you from the IRS if you get into tax trouble. What a SCAM that is! People shouldn't have to worry about tax problems in the first place. Don't get me going!

Vote Romney...get BO out of office ASAP. BO is bad for business, bad for the USA, bad for you and me.

Oct 11, 2012, 12:39pm Permalink
Mark Potwora

Doug i agree with all you said....My point on this poll question was more about giving one group of people a tax write off vs another..The government likes to control the way you spend your hard earned money...Telling you to go ahead and take out a loan for a house and we will tax you differently than some one who doesn't ...Go ahead and buy an electric car and we will tax you differently than some one who buys a gas driven car...Go ahead and put up a windmill and we will tax you less then someone who doesn't .....I'm sure you get my point...If you make 50,000 dollars you should be taxed the same no matter what...No special treatments....Thats why i call the tax code THE BOOK OF FAVORS...I also agree with what Mark said, Our current tax code is NOT about revenue, it is about political favor and as long as we keep adding or subtracting deductions that is all that it will be.and that they are just mere social engineering projects.....

Oct 11, 2012, 1:09pm Permalink
Doug Yeomans

I got ya now and you're absolutely right. It really is a huge project in engineering how people spend their money and what they spend it on. Here's the real crime in all of it. If someone is given a tax break for buying a special kind of car, erecting a wind turbine, etc, guess who pays the extra tax? TAX PAYERS! Those programs are all tax subsidized!

Okay I have a terrible cold and this is making me feel even worse...thanks a lot..lol.

Oct 11, 2012, 1:48pm Permalink
Jeff Allen

Doug, stop putting up videos, videos cause riots and people get killed, no they don't, yes they do, no they don't, yes they do....move along....nothing to see here.

Oct 11, 2012, 3:16pm Permalink
Rich Richmond

As much as I would like to see a flat tax not likely to happen for the simple fact that it would curtail the power, influence and surely eliminate much of the corruption in politics which is not in the best interest of politicians and their prospective parties.

Oct 11, 2012, 3:46pm Permalink
Jeff Allen

The only way everyone pays their fair share is a consumption tax. everybody has to buy food, gas, clothes, etc. Want to pay less taxes? adjust your consumption. Want to have more stuff? be ready to pay more taxes. It satisfies that class envy burning in all of us because those SOB rich people with all their stuff will have to pay more in taxes to have all their stuff and the people with hardly anything will pay the least in taxes. We've been told that's what all Americans desire, rich people paying more and poor people paying less.

Oct 11, 2012, 4:08pm Permalink
Betsy Bruns

The thing I don't agree with is the tax break allowed for the interest on loans for TV's and boats. (unless it is there residence), With the economy as it is, EVERYONE should be contributing to the solution, not the problem.

Oct 11, 2012, 7:07pm Permalink
Bob Harker

Long a proponent of a value added or consumption tax, I ask this rhetorical question:

How, in this PC world,could such a plan possibly be implemented when tax consumers (welfare recipients) would be required to pay tax on things purchased with money we give them?

As a side note, does it piss anybody else of when Social Security and Medicare are referred to as "entitlements" - grouping Sr. citizens that paid into the "system" all their lives with freeloading generational welfare leeches?

Before you liberals start your tirades, I am the first in line to help a person truley in need.

Oct 11, 2012, 8:14pm Permalink

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