CNN just reported that people earning $40,000 or less get only a $91 benefit from the mortgage deduction and those earning up to $250,000 get on average $5,460. So, in order to help the poor and have a "balanced" approach, let's eliminate the mortgage deduction and give the several hundred billion dollars saved to the poor.
You see, those liberal folks who want to raise taxes want to soak anyone NOT in their tax bracket. Propose hiking their taxes and they scream you are hurting the middle class. It's exactly like dumps. We want to create the waste, but we don't want the landfill in our backyard.
Mortgage deductions are one of the biggest "losses" in revenue to the federal government. So, let's follow the president's urging and "close the loopholes." And before my liberal friends go ballistic--also eliminate agricultural subsidies, oil depletion allowance and other "corporate" giveaways. Defense needs to return to a peacetime level of GDP.
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