OBAMA ADVISER SAYS PRESIDENT WILL NOT EXTEND BUSH TAX CUTS, EVEN TEMPORARILY: ’100% COMMITTED’

[hfojvt]

113. that one I have not heard of

although I know that mortgage interest is deductible on Schedule A.

I have proposed getting rid of Schedule A and claim that most of the benefits of it goto higher income taxpayers.

http://journals.democraticunderground.com/hfojvt/151

"Then there's the other side. 321,294 filers make over $1,000,000, and almost 97% of them itemize their deductions. They are .28% of all adult taxpayers, but they get almost 11% of the total deductions. Since they pay at the highest rates, their deductions are also worth more. They get $141.6 billion in deductions whereas their standard deductions would be no more than $4 billion. Their itemized deductions are thus worth about $45 billion or about $141,000 per household.

The next richest group also does very well with itemized deductions. Those with incomes between $100,000 and $1,000,000. There are only 17.9 million of them which is only 15.4% of adult taxpayers, but they get 44.4% of the benefits as 88% of them itemize. They get $579 billion in itemized deductions versus the $204 billion they'd get from standard deductions. (and the $240 billion they'd get from the proposed higher deduction). That's about $118 billion a year in tax breaks going to a group that is in the top 20%."

My proposal was not very well received here.