Eliminate the Mortgage Interest Deduction
There has been some press lately to eliminating the mortgage interest deduction on Federal Taxes. The National Association of Realtors and local Realtor boards are against eliminating this for obvious reasons. They think it will help the economy to have people deducting interest from the taxes they owe.
My take on this is we need to eliminate this deduction and all other deductions and do it NOW. Ok, don’t freak out on me, hang in there and hear why I say this.
My perspective is that we need to eliminate Federal Income Taxes instead. If you are not paying income tax then you don’t need any deductions. You get to keep your whole check. No FICA, no FIT, no estate taxes. Replacing the income tax with a consumption tax allows this to happen. Check out www.FairTax.org for details and do it with an open mind and you just might see that it could be the solution to a lot of our issues we face today.
Imagine how many jobs might be created by elimination of the taxes that drove business to send work off shore. How much of that work would come back home if there is no tax on it?? Unemployment would drop, productivity would increase and the taxes eliminated at the business level would cause prices to drop and offset the increased taxes on the purchase of goods and services.
FairTax has been thought out and does the exact thing our president things should be done. “The idea is simplifying the system, hopefully lowering rates, broadening the base,” Obama said. FairTax does just that. Broader tax base by charging everyone who buys new goods and services a tax on that consumption. Eliminating the income taxes increases everyone’s spending power and giving back an equivalent amount to taxes paid on low income living expenses in ‘pre-bate’ to taxpayers prevents this from being a burden on low income earners.
Read more about that right here and get involved. Thanks for listening.
Jerry Robertson
678-231-1578 Cell