Thread: Economics Home Mortgage Interest Deduction
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Old 09-21-2012, 04:07 PM   #3
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Quote:
Originally Posted by KC native View Post
Our tax system needs a dramatic simplification.

Retain the structure while eliminating all credits and deductions (obviously the lowest amount where taxes kick in would have to be raised).

This would eliminate massive costs associated with tax compliance and IRS collections and administration.
Life is complicated. We need a complicated tax code to go with it. But if we did get rid of all credits and deductions, what would you think a good tax rate schedule would be?
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