Jul
18

Difficult Deductions

schedule A Of the 170 deductions/exemptions/credits/exclusions, the six largest in FY2018 are: exclusion of employer contributions for medical insurance/care at $236 billion, preferential treatment of pension contributions at $200 billion, exclusion of owner-occupied rental income at $112.7 billion, corporate income held abroad at $112.6 billion, lower capital gains rates at $109 billion, and the mortgage interest deduction at $68 billion. Which ones will you give up, if any? Tax reform, impossible!

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  1. Christopher Smith says:

    If corp. Loopholes were closed and all income was taxed as income, the fed could remove some/all of these deductions, lower individuals tax rates and still have not money to run the govt. This will not happen until those with more than enough stop believing it is their birthright to have it all.

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