Tax Loopholes

Hang on to your pocket books they're talking tax reform again. Back in a moment.

Why is it that so many loophole closing politicians start out by proclaiming they want to lighten the tax burden on the middle class and wind up telling us how much more money government will get if the loopholes are closed. Just once I'd like to hear one specify the loophole they want closed and then how much of the citizens tax burden will be released.

The truth is most of what our politicians call loopholes are the legit deductions the working people depend on to keep their income tax from being more intolerable than it is. And eliminating those deductions would vastly increase government revenue. When they talk among themselves here are some of the things they call loopholes and how much their closing would cost you: deducting the property tax on your home and the interest on your mortgage $11.5 Billion; making you pay tax on the tax you've already paid to local and state governments $11.2 Billion; tighten up on charitable contributions $7 billion. (Then of course government would have to pick up the tab for those charitable services now paid for by those contributions). Not allowing you to deduct your Dr. bills would mean another $6 billion out of you pocket.

Anyone ready for a $35.7 billion tax increase?

These words are just as true today as they were when Ronald Reagan spoke them in May 1975.