General Discussion
In reply to the discussion: Tax Deductions are a HUGE form of welfare, and the richest people are getting the most welfare [View all]Sarah Ibarruri
(21,043 posts)First, charity is either charity, or it's a money-making (tax lowering, if you will) proposition. It makes me laugh when people in the U.S. say they give to charity and then take a deduction. That's not giving. That's taking. It's basically the govt paying charity for garbage, because...
Second, a huge amount of what people give, are items that they would've thrown out, so they're making money off garbage
As for home ownership, it's a subsidy of the real estate industry. The government subsidizing the real estate industry. Most lower income and middle income people benefit almost not at all. If interest on personal loans are not permitted, why is this any different? And it doesn't help the lower and middle income people buy a home. It's hella shocking that it's allowed up to the first million. If someone can get into an expensive home, really, are they needing a home ownership deduction? Of course not. I'm all for doing it like France, where there's no such thing.
Educational deductions are out of the reach of lower income people, so what exactly is the point?
Deductions (money paid by the govt) to people who are doing well, need to be eliminated.