he isn't inthe class that buys tax loophole creating legislation he just support s the pols who do so for other folks. A flat tax with a vat would be a substantial tax increase for him wheh he subtracted his mortgage interest, property tax and state tax deductions. Most folks only consider their gross incomes and top marginal rate when considering the taxes they pay. they don't consider the easy 15k in deductions a homeowner making 50 or 60k gets. 15k in deductions in mortg, property taxes and state takes with charity added in gets awfil close making net income in the 30s creating an actual rate of 15 percent making a 20 percent flat tax and a vat a massive tax increase. The tax system in the USa's real shortfall isnt having the right advisor it's te growing number of loopholes inserted into the code the higher your gross income. and the imaginary idea that people wont invest if they pay cap gains as regular income. I mean really we cut cap gains and had the worst decade since the depression in earning power for all but a few



9Likes
LinkBack URL
About LinkBacks
Reply With Quote








Share this thread with friends: