Those families or small business owners who made investment decisions years ago based upon the structure of the existing tax code will have the freedom to remain in the current system if they so choose. (p. 6)
Eliminating the deduction for mortgage interest payments could potentially drive housing prices down even further, while eliminating the deduction for charitable contributions could potentially reduce private funding for non-profits that provide vital services to the less fortunate in the midst of a severe economic downturn. And because interest expenses are taxable when received by the lender, the mortgage interest deduction at the personal level maintains overall tax neutrality for the expenditure. Federal taxpayers should not be punished for tax decisions imposed on them by their state or local governments. Since families are never able to actually use the income they pay in taxes to state and local governments, it makes sense to also retain the deduction for state and local tax payments.
- Eliminate tax on Social Security benefits - great deal for our seniors
- No Federal sales tax or value-added tax - in general, I don't like consumption taxes
- Eliminate tax on qualified dividends and long-term capital gains - dividends, the investor's share of corporate profits, are taxed once at the corporate level and should not be taxed again. Long term capital gains should be tax free as well to encourage investment and putting wealth back to work.
- Eliminate the death tax - complete no-brainer. Earned and stored wealth should be able to be passed along to descendants without penalty.
He has created a Multitude of new Offices and sent hither Swarms of Officers to harass our People and eat out their Substance.