Flawed tax cuts don't help middle class - echo opinion
Long-awaited tax cut for business, but bad for mortgage deductions
Congress passed a long-awaited "tax cuts for the rich" that might help encourage business expansion and reduce taxes (temporarily) for most taxpayers who do not chose to itemize their federal tax returns.
Nevertheless, the legislation has one great flaw that discourages home ownership by substantially limiting the ability of homeowners to deduct mortgage interest and property taxes when filing their federal tax returns.
This substantial limitation on allowing homeowners to deduct real estate taxes and mortgage interest on their homes is especially hurtful in Cincinnati and Hamilton County, where property taxes are especially high due to numerous and high tax levies, some of which are duplicates of other levies.
In my opinion, this unfairness to homeowners was caused by the so-called “budget hawks” in Congress who are in reality, free spenders.
In addition, there are those in Congress who sing the same old tired tune that any tax relief for taxpayers is a tax cut for the rich.
It’s time to clean the swamp! ENOUGH IS ENOUGH!
It’s time to clean the swamp! ENOUGH IS ENOUGH!
Maine Writer ~ it's hard to imagine how the Republican tax cuts for the rich plan will improve the financials of middle class wage earners when they will be unable to itemize their federal tax deductions. Their taxes will increase if they can't itemize deductions for interest, taxes, charitable giving or health care expenses.
Labels: Cincinnati Enquirer, mortgage interest deductions, Norbert A. Nadel
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