Keeping Up With The Jones Act, And Taxes
sense and a desire to let most income tax on a postcard!
That would mean a flat rates depending on total income, and the elimination of most deductions.
And total income would mean just that. You don’t get to shelter this and that.
But that would be too easy, right? Everyone has an ox and does not want it gored.
• Eliminating state and local taxes as federal deductions makes sense. A tax is a tax, not a deductible contribution to our state or county.
• Allowing corporations to repatriate some of their un- without a gouging tax hit makes sense because otherwise all that money stays abroad.
• Using a doubled standard deduction rather than itemizing would be great for many people. But real estate sellers worry people might settle for that rather than getting a deductible mortgage on a new house. Guess who’ll win?
• Even t he Republican Koch I ndustries a gr e e s we need to get rid of most of t hose business i nterest-and-loophole deductions. But don’t expect United Continental and General Motors to consent. They and 25 oth- ers paid no federal income tax last year.
• Repealing the estate tax makes sense. The builder of the estate paid taxes on his/her acquired wealth and should be able to pass it along to an inheritor who will pay tax on money that wealth makes in the future.
But lots of oxen get gored with all those proposals. Some ox owners are very powerful people who’d much prefer giving money as campaign contributions than as taxes.