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Instead of worrying about which deductions to end, why not put a limit on how many are used?
I have to admit that I am dumb when it comes to taxes. I use turbo tax and have never itemized my taxes.
But my thought is that most middle class families use maybe two to three deductions, ie, child credit, mortgage. While GE uses everything it can, a lot more than two or three. If you start ending deductions, you run the risk of it being a deduction the middle class uses, with exception to the private jet deductions and such.
So, could we just put a limit of say three or four deductions are allowed, or am I way off on this one. I tried to research it but came up empty, I can't find a list of average deductions used by the middle vs the rich.
1 Answer
- good guyLv 79 years agoFavorite Answer
excellent question that i'm surprised nobody has answered. You make a good point, but--sadly--our system is too overburdened with special interest groups and lobbyists to even allow your idea to be considered. The current political philosophy of opposing everything the current president suggests or tries to do is destroying our nation. It seems a common sense approach such as you suggest will be ignored by all politicians--unless, of course, you have a gazillion dollars to give to politicians.
