Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP
Posting-Version: version B 2.10 3/23/84; site cbosgd.UUCP
Path: utzoo!linus!decvax!harpo!ulysses!burl!we13!ihnp4!cbosgd!mark
From: mark@cbosgd.UUCP (Mark Horton)
Newsgroups: net.taxes
Subject: Re: mortgage interest
Message-ID: <1263@cbosgd.UUCP>
Date: Fri, 13-Apr-84 15:25:55 EST
Article-I.D.: cbosgd.1263
Posted: Fri Apr 13 15:25:55 1984
Date-Received: Sun, 15-Apr-84 01:31:13 EST
References: <1124@drux3.UUCP>
Organization: AT&T Bell Laboratories, Columbus
Lines: 21

The TV news treated this very briefly and with a lot of sensationalism.
If you read the paper and get the whole story, you'll see what's really
happening.

Reagan supports a "flat tax rate" in the name of "simplified taxes".
A national sales tax would be one way to do this (if it replaced the
income tax, but when have you ever known the government to cancel a
tax just because they have another new tax?)  A flat tax rate would
mean everyone pays x% of their income (or spending or something) in
taxes.  Thus, the concept of deductions goes out the window.

I wouldn't worry about it.  Unlike Usenet, the USA really IS a democracy.
Reagan does not enact tax laws, Congress does that.  And Congress is not
about to do anything so suicidal as repealing a tax break that a huge
percentage of the population (homeowners) depends upon heavily.  Especially
in an election year.

Actually, this is probably a really good time to BUY a house.  The buyers
are probably so scared that the sellers might offer a better deal.

	Mark