There have been a lot of critiques of the GOP tax plan. The Democrats are vowing to run against it. Bernie Sanders claims the Democrats will run and win on a platform of raising taxes.
I think, in the end, more Americans will be happier keeping more of the money they earn. The people who don’t pay federal income tax in the first place (this is a pet peeve of mine, there should be no one in that category if they have any income whatsoever) are going to be happy with the pay raise they get via a higher child deduction. And the idea that any measurable number of candidates is going to campaign to take that away is silly.
What has been the biggest surprise is this complaint:
The Republican tax bill caps the mortgage interest deduction at $750,000 for new mortgages. In California, seven counties have average home prices that are more than $750,000: Alameda, Marin, Orange, San Francisco, San Mateo, Santa Clara and Santa Cruz counties. #GOPTaxScam
— Senator Dianne Feinstein (@SenFeinstein) December 17, 2017
I know I should be empathetic but I’m too busy laughing.
I really want to see Democrats running, nationwide, on the theme that the GOP tax bill is unfair to people who are paying on a mortgage in excess of $750,000. To paraphrase a famous economist, ““I do think at a certain point you’ve enough of a mortgage deduction.”