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From: bwm@ccieng2.UUCP ( Brad Miller)
Newsgroups: net.taxes
Subject: Re: mortgage interest
Message-ID: <149@ccieng2.UUCP>
Date: Sun, 15-Apr-84 11:56:39 EST
Article-I.D.: ccieng2.149
Posted: Sun Apr 15 11:56:39 1984
Date-Received: Tue, 17-Apr-84 08:03:00 EST
References: <1263@cbosgd.UUCP>
Organization: Computer Consoles Inc., Rochester, NY
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With a flat tax, all deductions would be repealed. Personally, I think the idea is
better than the current system: it would simplify the tax code, cut down on the
size of the IRS (and hence their power).....
Also if the flat tax were 10% (which is the current bill in congress) most
folks would pay about the same as they do now WITH the interest deductions.

Altzo, there is another bill that is rerearing its head in congress, which is a
limit on the mortgage interest deduction. Basically, interest on the fist $X
of mortgage is deductable, but above that it isn't (where X is about 100,000.00)
This also has pros and cons......

Brad Miller

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