The Republican offers to raise revenue by cutting deductions rather than raising rates cannot be taken seriously.
It is a scam to shift the cost of revenue increases from billionaires to the more numerous $250K-$750K crowd.
Consider the home mortgage interest deduction. What percentage of tax burden does that represent for someone making $500K? Probably a fair amount. What percentage of a billionaire's tax burden? Almost nothing. Housing, even the fanciest housing, is a trivial percentage of a billionaire's expenses.
But 4% is 4%... 4% of a million or 4% of a billion.
And that is why they fight it. It is all about the billionaires.
1. I bet most millionaire/billionaires don't even have a mortgage
I'm retired and enjoy watching the decorating and home improvement shows. Sometimes they have real estate shows on too.
People who watch the Home and Garden network about selling high end real estate know... most of them pay cash.
“There is nothing in which people more betray their character than in what they laugh at.”