CDZ IRS Deductions for State and Local Taxes?

Discussion in 'Clean Debate Zone' started by jwoodie, Apr 28, 2017.

  1. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    People raised a ruckus when Reagan got rid of the credit card interest deduction back in the 80s in order to help balance out his tax cuts, but he still did it and it worked
     
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  2. OnePercenter
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    OnePercenter Gold Member

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    Welfare Queen States

    Which States Rely the Most on Federal Aid? - Tax Foundation
     
  3. OnePercenter
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    OnePercenter Gold Member

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    Regan removed credit card interest for the middle class, not the rich and corporations.
     
  4. Picaro
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    Picaro Gold Member

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    Interest shouldn't be deductible at all, including for home mortgages or corporate bonds; it encourages debt, not something that needs encouragement. Deductions for consumer debt is even worse; Reagan was right to get rid of it.
     
  5. Picaro
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    Picaro Gold Member

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    As for the 'red states get more stuff' narrative, most Federal aid goes to the bluest parts of red states, so it's a deceptive spin on the issue. Half of the outlays goes for Medicaid ...

    [​IMG]

    One reason for that is letting state governments administer such programs, instead of making them entirely Federally administered. This keeps poor people effectively trapped where they are instead having some mobility to move to better conditions, and it creates captive voter bases for Democratic Party political machines in those states, particularly Louisianan and Mississippi, a couple of the highest recipients of Federal grants; they're 'Red states', but barely, and the Federal subsidies aren't going to the 'red' demographics, something the spin and propaganda deliberately omit, just lying by omission, basically.
     
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  6. OnePercenter
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    OnePercenter Gold Member

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    Reagan didn't 'get rid of it.' Only for the middle class.

    He also raised taxes on the middle class, numerous times.

    He also BLEW $200B+ on SDI.

    He also deregulated healthcare which is why we're at today.
     
  7. Picaro
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    Picaro Gold Member

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    Pandering to the 'middle class' is a waste of time; they like cutting their own throats. They love pretending they're now equivalent and sympatico with the big players interests because they now have 401K's and like to be stroked and told what sophisticates they are now because they have some chump change 'in the Market n Stuff'. What they are too stupid to get is that when there is nothing left to squeeze out of those lazy proles and blue collar types they're next in line for The Treatment.
     
  8. jwoodie
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    jwoodie Gold Member Supporting Member

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    So it's OK if residents of other states (with the same income) pay less federal income tax than you?
     
  9. william the wie
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    william the wie Gold Member

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    And it pays out more than most mandates.
     

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