Friday, Nov. 24, 2017 | 2 a.m.
View more of the Sun's opinion section
View more of the Sun's opinion section
Once again Congress tinkers with the tax code and now plans to save all of us average taxpayers money by again increasing the national debt.
So much for the thrifty Republicans! Banks love mortgages, so do Realtors and apparently high-tax-bracket taxpayers. Given today’s lower mortgage interest rates and generally fewer write-offs, how does anyone qualify for more than the standard income tax deduction?
Apparently this somehow works because many reputable economists have pointed out this interest deduction cost the federal government at least $70 billion. I’ve never understood the rational for allowing any itemized mortgage interest deductions, especially for second homes unless these are used to house the homeless. Then again, nobody ever believes that Congress is capable of clear rational thinking.
If the Republicans want to change some of the more onerous income tax rules, then eliminate the double taxation on Social Security income. Social Security is first taxed when a private sector employee receives earned income then federally taxed later, on an income-graduated percentage basis at retirement.
Making matters worse, many states also tax Social Security retirement income. How many times can this piggy be bled?
