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jmowreader

(53,395 posts)

10. The mortgage interest deduction would get better for the people most likely to revolt

Fri Jul 24, 2015, 09:15 PM

Jul 2015

Under current tax code, the Married Filing Jointly standard deduction is $12,400. I don't know about y'all, but in my neck of the woods you would need a VERY expensive house, a lot of medical deductions, really high state taxes, this that and the other to break $12,400. My plan allows you to take both your standard deduction AND your mortgage interest deduction. The National Association of Realtors would be dancing in the streets over this.

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I have a pretty complex tax reform, but one that might work [View all] jmowreader Jul 2015 OP

Leave the two lowest brackets alone. LiberalAndProud Jul 2015 #1

The increase in standard deduction and the double deduction should compensate for that jmowreader Jul 2015 #8

I see some problems Warpy Jul 2015 #2

+10 million on every point. I've been pushing the tax on financial transactions for years riderinthestorm Jul 2015 #7

okay... jmowreader Jul 2015 #12

I guess hill2016 Jul 2015 #3

Especially the mortgage interest deduction. Can't kill that one. People would revolt. WillowTree Jul 2015 #5

The mortgage interest deduction would get better for the people most likely to revolt jmowreader Jul 2015 #10

If you say so. WillowTree Jul 2015 #13

interesting ideas taught_me_patience Jul 2015 #4

Address capital gains as well TexasBushwhacker Jul 2015 #6

The capital gains rate is definitely worth addressing jmowreader Jul 2015 #9

we're paid our ss check by the income we made, right? up to the cap? if people pay in unlimited cap Sunlei Jul 2015 #11