Re: 2017 Reval ~ Property Inspections

Posted by bodhipooh on 2017/12/19 23:28:37
Quote:

hero69 wrote:
then congress should get rid of the tax breaks and loopholes if it doesn't want people to take advantage of them. tax breaks and loopholes are supposed to be an incentive to do "good" so why are some people penalized for doing "good"


First you were "distraught" because the AMT was kept in place, (even though it was raised to 500K / 1MM...) and now you are bemoaning tax breaks and loopholes, which is precisely what the AMT is supposed to address (by preventing their abuse to skip out on paying a fair share of taxes.)

Here is what I think: I don't think you have a clue what the AMT is, or what it was originally intended to do. You heard something, somewhere about the evil of AMT and ran with it not understanding what it is you are trying to feel distraught about before writing your post.

Tax breaks and loopholes are NOT "supposed to be an incentive to do "good"" as you claim in your post. They are, in essence, a form of social engineering disguised as federal policy. Did you know that back in the 80s, you could deduct credit card interest? You think that's because encouraging people to rack up debt was a net good for them? Today's mortgage interest deduction is there to encourage home ownership, mostly because there is a widely held belief that homeownership is the path to achieve middle class status. That may have been a solid truth in the past, but nowadays you have lots of upper middle class, and even rich people, who do not actually own a home, and instead choose to rent, for a variety of reasons. Of course, homeownership still remains a reliable path to achieve and maintain middle class status, but it is neither foolproof (remember 2007?) nor the only one.

As Dolomiti points out, the point to this latest tax reform was to streamline and reduce the complexity of the current tax system by eliminating many of the existing provisions and quirks. But, of course, it is impossible to please everyone.

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