Reply to Why Are Tax Brackets Adjusted for Inflation but Not Deductions Like Mortgage Interest? Seems Unfair

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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][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.

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My income and my spouse's income is all W2, and my household gets plenty of tax breaks. We deduct our charitable donations. We put almost $50,000 into tax-free investment accounts every year. We deduct thousands of dollars in state taxes and tens of thousands of dollars in mortgage interest. We save thousands of dollars every year for health care that's triple-tax-advantaged, so we don't even have to pay FICA taxes on it, nor will we pay taxes on it when we spend it eventually. We've stashed money away for our kids to go to college years from now; our contributions amount to less than half the value of the accounts, and we'll never pay taxes on the gains.

All of that amounts to other taxpayers subsidizing our costs.[/quote]

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