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