Mr. Rockwell referred to a Reasonoid wanting to get rid of the mortgage interest deduction. I’ve got a better idea, how about ending the child tax deduction? More people take that than the mortgage interest deduction. It must cost the government billions to subsidize families.
I don’t, of course, support ending the child tax credit. In fact, I wish it were expanded to a dog, cat, couch, table, oven, bed, dresser tax credit. My point is that if advocates of getting rid of the mortgage interest deduction were consistent, they would call for the elimination of all tax credits and deductions unless they benefited every American equally.
Liberals, conservatives, and yes, libertarians that want to eliminate tax deductions and close loopholes are really saying that they don’t want people to keep more of their money in their pocket and out of the hands of the government. Only a statist who thinks that the government has an absolute right to a percentage of all income produced and that tax credits deprive the government of its claim to that percentage could object to individuals or businesses holding on to their own money. See my tax credits are not subsidies article.8:05 am on August 17, 2011 Email Laurence M. Vance