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Tue Nov 27, 2012, 10:40 AM

Revenue from deduction cuts is a SCAM, unacceptable, must be off the table

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.





http://talkingpointsmemo.com/archives/2012/11/saving_private_billionaire.php?ref=fpblg

http://fivethirtyeight.blogs.nytimes.com/2012/11/26/congressional-proposal-could-create-bubble-in-tax-code/

http://krugman.blogs.nytimes.com/2012/11/27/the-stiffs-and-the-players/

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Reply Revenue from deduction cuts is a SCAM, unacceptable, must be off the table (Original post)
cthulu2016 Nov 2012 OP
OKNancy Nov 2012 #1

Response to cthulu2016 (Original post)

Tue Nov 27, 2012, 10:51 AM

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.

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