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Tax change proposals to set off howls of protest
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| Contributor | RP |
| Last Edited | RP Nov 01, 2005 08:01pm |
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| Category | Analysis |
| News Date | Wednesday, November 2, 2005 12:00:00 AM UTC0:0 |
| Description | Everyone loves to complain about taxes. But with lawmakers set to tackle the most comprehensive reform of the nation’s tax laws in nearly 20 years, Congress and the White House now have a chance to do something about them. And as the political battle begins, changes that would rearrange billions of dollars of tax burden among individuals, small businesses and corporations are about to touch off a round of much louder howls of protest.
In an indication of the type of outrage that will be widely heard, he said changing the mortgage interest deduction "would punish millions of home owners, particularly those living in California and other high-cost markets. Equally disturbing, the tax reform proposals would reduce home values and send a chill through the housing market, which has been leading the economic expansion for the past three years."
The plan would also eliminate deductions for state and local taxes.
And profits earned on operations based overseas would no longer be subject to U.S. taxes. |
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