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Reply to "Why Are Tax Brackets Adjusted for Inflation but Not Deductions Like Mortgage Interest? Seems Unfair"
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[quote=Anonymous][quote=Anonymous]Because middle class people should not be subsidizing rich people with large mortgages.[/quote] Umm, the "rich people" who are not multi millionaires do not get any tax breaks. If your income is W2/interest you pay high taxes. Not much to deduct. I've paid more in state income taxes than most people will earn in their lifetime. we don't get deductions. I've more than paid our "fair share" for society. Only perk is LT cap gains are not taxed at 37% (for now). If anything I'm subsidizing 95-97% of society. [/quote]
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