Rand Paul Tax Plan

[*michaelsean*]

(06-22-2015, 03:08 PM)Belsnickel Wrote: Nah, medical expenses. Cancer will do that.

I think keeping the mortgage and charitable donations deductions alone is pandering to the wealthy because they are the ones that do benefit the most from those two deductions. The middle class is currently benefiting from the mortgage interest deduction, though we will be seeing that decrease as the middle class continues to shrink and the Millennials fill in what is left of the middle class since we are not buying homes like the generations before us.

So those deductions in and of themselves are not pandering, but getting rid of all the others and keeping only those two? That's pandering to the wealthy.

You see I think I've benefited more than the wealthy.  The few thousand dollars I save is more valuable to me than what the wealthy save, plus it's phased out for them.  If close to 60% of people in the $50,000-$100,000 range itemize, then taking it away and charitable donations hurts them. 

I'm not saying this to preserve it for myself.  I'm guessing within a few years the interest portion of my mortgage will go below the point where it combined with local, state, property taxes and charity beat out the standard deduction.