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I agree with everything here except the mortgage tax deduction. Getting people to buy and own homes builds better communities. It is the one investment that everyone should make if they can not only for themselves but for their neighbors as well. I'd slash everything else as much as possible.
My intent was to get rid of the mortgage deduction AND get rid of property tax simultaneously. The net effect is little on the homeowner, a big gain for the feds and a big loss for the states. Then state taxes have to be raised but it can be done more fairly (not just property owners) and the competing offsets of mortgage deductions and property tax are gone. Taxes are too complicated, this makes them a tiny bit simpler. Why deduct the mortgage interest then tax the property value, it's stupid.
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I'm home with a sick kid so I looked up a few numbers to knock down the $1.5T or so deficit.
Eliminate Home Mortgage Deduction - $130B
Eliminate Department of Energy and Education - $100B
Reduce Department of Defense to 2008 levels - $200B
End Middle East Wars - $150B
End Bush tax cuts for rich - $80B
10% across board cut for Federal Employees - $100B
Close all foreign bases - $250B
Total = $1T. Which is about 2/3 of the deficit.
Surprise, but could not agree more.. the only issue may be the mortgage deduction, but that also favors the rich.. the interest on a million dollar home is much different than a mortage on a 150K home.. but eliminating it would level the playing field.
Interesting that 600 Billion of this comes from DOD and related expenses.. with no cutbacks to veteran's benefits..
The department of education should never have happened.. it is one of those attaboy feel good things, that the Feds have not business being involved in.
Not familiar with what the Dept of Energy does..
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
My intent was to get rid of the mortgage deduction AND get rid of property tax simultaneously. The net effect is little on the homeowner, a big gain for the feds and a big loss for the states. Then state taxes have to be raised but it can be done more fairly (not just property owners) and the competing offsets of mortgage deductions and property tax are gone. Taxes are too complicated, this makes them a tiny bit simpler. Why deduct the mortgage interest then tax the property value, it's stupid.
I get what you're saying, but as mentioned above, it's a challenge to coordinate. Also, the way it works today is that when you get into a mortgage, your deduction is going to be much greater than the property tax, thereby assisting in the early years. It then shifts more towards the property tax and eventually only the property tax. Most states do it right, California prop 13 screws the state.
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Do. Your. Job. Don't try to take care of somebody else's responsibilities and all that. Just take care of your assignment. Know what it is, execute it and get it taken care of. Do your job...and you'll be champions tonight
Rule #1 of my budget - if you don't know why we have something then it gets cut. Completely.
I want to Eliminate and Replace, not a straight elimination. Replace it with increased Sales or Income tax. Why are property owners the only ones paying for schools ? Do those who live in apartments not have kids ?
My about the DofE is that I'd imagine there would need to be some central authority, or organization, regarding education. Nothing remotely close to what we have today, as I think education is a state (local) issue.
How is a city going to implement a sales and income tax on a local level, that will amount the same revenue that property taxes do? Plus, property taxes directly go to the people who own/live in the city. It's a stable source of dollars that are used to fund city operations, that owners of property i.e. the people living there, enjoy. Forget about eliminating property taxes. It's not feasible and not happening.
Quote:
Originally Posted by The Brandon Five
Word.
The tax for people in apartments is paid by their landlord, who in turn passes that cost on to his tenants by charging rent.
Exactly. The taxes therefore directly affect the people who live inside the city/towns borders.
Quote:
Originally Posted by BelichickFan
That's too indirect, just get rid of the property tax and replace it with something everyone can see.
It doesn't get more direct than property tax BF.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
The DOE is in charge of making sure power plants Nuclear Power plants are run properly for example, they set the standards They are also in charge of research labs like Oak Ridge, Los Alamos, and Laurance Livermore. On top of that the DOE is ultimately in charge of Nuclear weapons, not the military. So i think the DOE is pretty important.
By indirect I meant that it's all screwed up because homeowners have savings from the mortgage deduction and costs from the property tax. For some it offsets. For others they save money. For others it costs them money. It's too complicated.
Get rid of them both. The Feds save a lot. The states lose a lot. They make it up with an income or sales tax increase. This is a tax increase overall but we aren't going to balance the budget - or bring it under control - by tiny little cuts.
By indirect I meant that it's all screwed up because homeowners have savings from the mortgage deduction and costs from the property tax. For some it offsets. For others they save money. For others it costs them money. It's too complicated.
Get rid of them both. The Feds save a lot. The states lose a lot. They make it up with an income or sales tax increase. This is a tax increase overall but we aren't going to balance the budget - or bring it under control - by tiny little cuts.
One is a local tax, and one is a federal deduction. They aren't related. Property taxes not only vary by state, they vary from town to town. Forget property taxes, cuz they're not going anywhere.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
One is a local tax, and one is a federal deduction. They aren't related. Property taxes not only vary by state, they vary from town to town. Forget property taxes, cuz they're not going anywhere.
Neither is half the stuff I suggested. Maybe they are going nowhere - fine - these are my cuts and no-one has given me a reason yet to eliminate both the property tax and the mortgage interest deduction and have the states get their money in a different way.
Re: I can cut the defcit by 1 Trillion
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