Fuck revenue from limiting deductions.
The Republicans do no favor limiting deductions versus raising rates as a way to artfully weasel on their Grover Norquist pledges.
They favor that because they favor it.
They favor deduction reform over rates because deduction reform is a way to make taxes on billionaires lower than taxes on millionaires, and Republicans are funded by greedy billionaires.
As a for instance...
You cannot deduct interest on more than $1,000,000 of home acquisition debt. That is not a very big number. People who make $250K-$500K routinely buy houses that cost more than a million dollars, meaning they are already running into the cap.
Whether you make $250 thousand or $250 million, your top mortgage interest deduction is going to be the same in practice. (Either way, you probably have a house that cost more than a million)
And further limitation of that will fall almost entirely on people making less than a million. The deduction is already capped for people with $10 million houses.
Though we seldom draw this distinction with millionaires versus billionaires, all funny business about trying to avoid raising rates by tweaking deductions is regressive.
= new reply since forum marked as read
