Tax breaks the U.S. government needs to end

With the recent illegal action of the New York Times producing a tax filing by Donald Trump, it is worth the notion to talk about our federal tax code. I’m all for ending the tax code as it is now and implement a national sales tax. Unfortunately, Americans are addicted philosophically to two things: 1) Progressive income tax and 2) Tax breaks or also known as “write offs”.

So here are some tax breaks the government needs to end in order to get revenue into the coffers to pay on the huge deficits it runs each year.

Mortgage interest tax deduction

This write off costs the government about $80 Billion annually

Earned Income Tax Credit

This write off costs the government about $70 Billion annually

Employer Health Care Benefits tax deduction

This write off costs the government about $130 Billion annually

 

 

 

 

 

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s