April 30, 2017

Sunday Off-Topic (Moderated) Open Thread (043017)

Filed under: Lucid Links — Tom @ 6:00 am

This open thread is meant for commenters to post on items either briefly noted below (if any) or otherwise not covered at this blog. Rules are here.

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2 Comments

  1. Headline: Changing 1 tax code line may remove 2 others.

    Consistent with his Executive Order to reduce regulations, the Trump tax proposal is out. Thanks to earlier commenters for calling attention to its benefits.

    Here, from Washington Examiner, is another great summary. Notice the potential outcome: Simply by increasing one item, the standard deduction, it creates the gradual path to potentially eliminate two other paperwork-intensive deductions: mortgage interest and charity deductions.

    “Let’s face it; … but there’s no reason government should incentivize people through the tax code to borrow hundreds of thousands of dollars to buy houses they wouldn’t otherwise buy.”
    http://www.washingtonexaminer.com/trumps-tax-outline-is-a-great-start/article/2621513

    This is a great Libertarian mindset. In the age of electronic paperwork, it is also a path to increased privacy to reduce reporting of a personal information into Government databases. It can improve household budgets: no more unnecessary delays of mortgage payoffs.

    Those who make charity deductions are of a mindset to make those gifts and donations anyway. (And its often ironic that the liberal politicians tend to have low donations on their itemizing.) Schools are encourage our young people to think in terms of “service hours”, not dollars, to invest in their communities. (I’m finally getting over the original irritation that they expected this kind of reporting, again being privacy-minded). Corporations will likely still make their charity donations, since it is a direct-expenses that promotes employee morale and good publicity.

    The health deduction was always a unique formula: only usable for those with super-high expenses. This can, will, and should stay.

    Recommended reading, see the earlier great analysis at dscotts’ comment.(042817)
    http://www.bizzyblog.com/2017/04/28/friday-off-topic-moderated-open-thread-042817/

    Comment by Cornfed — April 30, 2017 @ 6:16 pm

  2. Thanks for the escort plug, Cornfed.

    Comment by Tom — May 1, 2017 @ 9:03 am

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