The article discusses how lowering taxes will not benefit our country after this recession. Because of the tax cuts congress placed, our country is losing over $1 trillion that could be used to help our economy.
The five most popular tax breaks are also the breaks that are losing our government the most money. These include mortgage interest reduction, tax-free income workers get from employers to pay for health insurance, deduction for state and local taxes, deduction for charitable donations, and tax breaks for retirement savings.
One idea to help the government receive more money, while also helping out the lower-income class, is to change the mortgage interest deduction so that people who pay over $500,000 for a home pay more taxes.
-Elizabeth Woollen
http://money.cnn.com/2010/10/26/news/economy/curbing_tax_breaks/index.htm
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We shouldn't have tax breaks for any class. Everyone should be obligated to pay the same amount of tax unless they are under the exception rule. It is not fair to tax someone with more money, they most likely earned that living and they shouldn't have to share it with people who don't deserve it. Our country has a budget problem they don't seem to care about until China comes asking for their money back. And until that day comes our government will continue to spend carelessly in all aspects of government.
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