Tax Cuts

I am certain everyone has heard the moaning about the Trump Tax cuts that could do away with the deductions for property taxes, mortgage and income taxes, etc.  A possible solution to the tax cuts and allowing tax payers or residents the handling of state income and property taxes is similar to the handling of the medical deductions. They were always reduced by a percentage of the tax payer incomes.

For years the IRS has let us claim only a percentage of our health care. The amount a tax payer was allowed to deduct was the total amount that exceeded seven and one half percent of the total income. If the similar is implemented with our property tax and our income taxes and mortgage interest, allow the deduction of the portion that exceeds some percent of your income. This would tend to equalize the effect on all states. If a person has an income of $100,000, according to the Trump plan, his income would total seventy-six thousand dollars because of the Trump $24,000 cut. If the medical, mortgage and taxes paid total $28,000 (as combined) the tax payers’ might be allowed to deduct an amount in excess of a percentage of the income. The salient point is that there are too many regulations and too many loop holes. The Tax Code must be simplified and earned dollars returned to the working tax payers and the national economy.

Gerald Keer