Fox’s Shep Smith on Tax Bill
I found this segment of interest from Fox News…while I differ on the generic federal deficit thinking, I notice while Obamacare repeal was ‘do or die’, Smith noticed the eight years of Republicans calling doom from the federal deficit gets hardly a peep.
Student loan deductions and credits disappear, among a list. as well…his affect is telling.
Where increased taxes – from removing legal tax avoidance deductions – are being handed out to (the rich) is absolutely wrong, there are a number of deductions that need to be done away with.
College interest deduction benefits graduates who at 22 are making more income (in real terms) than today’s low income individuals will ever make in the best year of their career.
The state/local tax deduction is hugely regressive. If you don’t make a lot of money the standard deduction will be what you take. If you are Brad DeLong and you are making over $200k in a high tax state, well then you get a huge federal tax break. Make DeLong and his ilk pay more in federal taxes and increase the EITC.