The Washington Post is going after income tax deductions that are available to families. This is a nasty hit piece, that I will go more into tomorrow. But I have things to do, tonight.
Broad tax breaks granted to millions of families at all income levels dwarf the corporate giveaways. Over the past two years, largely because of these popular benefits in the federal income tax code, the government has reached a rare milestone in tax collection — it has given away nearly as much as it takes in.
The government hasn't "given away", anything. It's not the government's money in the first place! It's as if these people think that money which is earned, belongs to the government and the government actually "let's us keep" what's left after they get their pound of flesh!
The number of tax breaks has nearly doubled since the last major tax overhaul 25 years ago, with lawmakers adding new benefits for children, college tuition, retirement savings and investment. At the same time, some long-standing breaks have exploded in value, such as the deduction for mortgage interest and the tax-free treatment of health-insurance premiums paid by employers.
All told, federal taxpayers last year received $1.08 trillion in credits, deductions and other perks while paying $1.09 trillion in income taxes, according to government estimates.
“The big money is in the middle-class subsidies,” said Syracuse University economist Leonard Burman, former director of the nonpartisan Tax Policy Center. “You’re not going to balance the budget by eliminating ethanol credits. You have to go after things that really matter to a lot of people.”
What I will say is , I don't understand why liberals in the media want to get rid of the home income tax deduction. It's as if they don't like people having a chance for home ownership.