I imagine that it would be easier to police the 28 million or so businesses than it would be to police all those businesses PLUS the hundred or so million individual taxpayers in the US...especially after eliminating all the layers of tax code.

It's amazing that there's so many heavy hitters, 1 per centers, on a hunting message board. I'm not rich and I'm not poor, but the new plan looks like it will work for me

I haven’t read much about the plan but I agree with you based on this thread. Hell im dirt road poor, I need all the help I can get

The state collected $2.2 Billion in sales tax alone. Is there really $.5 billion uncollected...22%?



But you do have a really good point on delinquent payments impacting the Fair Tax system. POS (point of sale collection) is nice, but it requires the business to pay what they are supposed to pay after they receive it. good insight!

I don't really know why people were ever allowed to deduct state tax in the first place. Seems like a way to subsidize states with high tax rates. For me and the amount of money me and my wife make it looks like our taxes would go down just a little. If the lower corporate tax rate creates jobs and grows the economy in the 4% range over the next 8-10 years I am all for it. And if your mortgage is over 500k you probobly gonna be ok. Very small percentage of people live in a house worth over 1/2 million dollars.

Why should government allow any deduction of mortgage interest at all? At any house value? After all, most folks don’t even itemize, so it doesn’t help those folks even under the current system.

If your mortgage interest is more than the standard deductible, I guarantee you anyone would itemize. That wouldn't be as common any more with the increased standard deductible that's proposed. For example, last year I itemized but based on this proposed plan, I would have taken the increased standard deductible. That being said, the mortgage interest deduction is more of an incentive to become a home owner more so than it is to just create an additional item to deduct.

This year I started a business, so it will be itemizing from here on out for me regardless.

Somehow that doesn’t seem like a strategically economics based opinion

They decrease the tax rate while eliminating a lot of deductions. I’m leary of anything Paul Ryan supports or had a hand in. This looks like smoking mirrors to me.

Maybe not strategically economics based opinion but none the less the truth if someone has a mortgage of over 500k you are probably going to be ok or either you bought to much house.

I won’t disagree with that

I just don’t understand penalizing someone for owning a nice house

Seems like the opposite of the American dream

That sounds very democratic like. Tax the rich. They can afford it.

Yea that's me a big democrat. I would be more for no deductions of any kind and everyone just pay a flat rate. But the mortgage deduction was enacted to entice/help people buy houses. I don't think anyone that can afford a 500k mortgage needs help buying a house.

They don’t need help buying a house. But, I can promise you they need all the deductions they can get.

Using your logic, the money is the government's and they are "giving" it to people to buy homes. To think one class of people will "be ok" with a tax not imposed on others is liberal logic. There are lots of Republicans who buy into it these days.

it’s fun to say you’re conservative. But the truth is lots of Republicans aren’t. And I’m not just talking about elected officials.

Class envy crosses party lines with ease.

Very true. And 50% of our citizens already pay around 0% of income tax. There’s no reason not to keep going up. No skin in the game.

Yep. That’s why a tax on what we spend and not what we earn makes it for everyone to have skin in the game.

You could only get that with a conservative majority and conservative president. Which means it's never happening.