MarkB_MI said: (quoted from post at 22:25:33 11/29/14) IRS doesn't write the tax code, John. Our elected representatives do that.
Deduction, subsidy, it's all a matter of semantics. If something decreases the tax you pay or otherwise increases your profit at the government's expense, it's a subsidy plain and simple. Homeowner's interest deduction: subsidy. Earned Income Credit: subsidy. Deduction for depreciation: subsidy. I take all the tax breaks I can get, but I don't pretend I'm somehow different from everyone else who takes a tax break.
I would have to disagree with the premise of your argument Mark. Gov't isn't owed anything by the taxpayer, it has no money of it's own. Gov't uses the law to tax people to pay for the programs it has to manage and to pay the interest on borrowed money. From my point of view that means every cent taken from the tax payer is basically extorted money. Pay or go to prison, lose your property. A deduction is s protection from gov't for a taxpayer who is obviously part of the contributing side of the ledger. A subsidy is money taken from other taxpayers and given, by law, to another person who may or may not pay income tax. That's a huge difference IMO. When a low wage earn receives an tax return larger by thousands of dollars than what he contributed in tax, that's a subsidy. When a deduction for charitable giving is given, thats a protection from taxation.
Hope that makes sense.
As for sequestration, lets not pretend that it's a real issue. It's just a political hockey puck. It's a non-issue for the most part by now. The "un-American" issue, IMO, is the criminal way our Congress and WH over the past few decades have put us in debt to the point we stand today. Paying your bills is one thing. Creating entitlement classes so you can get their votes through the threat of cutting their income...that's something else.
This post was edited by Bret4207 at 06:12:22 11/30/14.
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