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So how is the new tax law a sucker punch to the "we the people" and another gift from republicans to their rich friends?
Throughout our great nation (getting greater day by day) many people rent the roof over their head instead of buying. This is especially true out California way and the ritzy enclaves of the east coast. One big reason is who can afford the prices. My best friend starting in junior high Charlie told me his son and wife were so happy to find a nice little house not far from their jobs at Apple at the bargain price of only 1.5 million dollars. Not to worry; however, they make a lot of money working for Apple and they get to deduct all the mortgage interest from their income taxes.
Starting after WWII the government encouraged people to own their home by allowing them to deduct the mortgage interest from their income taxes. For the most of us the new tax law capping the allowable deduction at $10,000.00 will not affect us. However, it is the well to do that gets the sucker punch. For renters they have been footing the bill that allowed unlimited mortgage deductions of high prices homes and the multiunit apartment buildings (owned by the wealthy). Taxing rich republicans a trademark of democrats now must oppose the tax bill because it cuts out the goodies for their rich political supporters. You did not actually believe those Hollywood celebrities, politicals and so called movers and shakers paid cash for the modest little houses did you, no they were mortgaged to their eye balls like the rest of us. Democrats squeal asking how are we to pay for this entire cutting. One way is to pick the pocket of the rich real estate owners by capping what were unlimited interest deductions.
The next items on President Trump's to do list is infrastructure, get started on his beautiful wall, welfare reform (again), and what to do about all those poor little children who came to our country in the arms of their parents who took it upon themselves to come illegally. The little children are not kids anymore a lot of them never bothered to become a US citizen they do not have legal jobs and many are on welfare many are criminals and can't even speak'a the English.
Our county could save a whole lot of our hard earned tax money to be spent on infrastructure if the Davis-Bacon law was repealed. According to a column written by Larry Elder the original purpose of the law was to stop black people from taking jobs away from white people. Over the years D-B has evolved into what we know now as the prevailing wage law. Simply put it mandates that on any government project what ever the published wage (union wages) must be paid to the workers. There is no such thing in the private sector so why in the public. Especially when it is mine and your money paying the tab. Far too many times this prevents higher wages for those who excel and pays too much for the interlopers. All you union people know exactly whom I'm talking about. Fact is mandated wages prevents unions to excel as they once did when a union was a guild. Actually you could call Davis-Bacon a tax that forces over pay of wages. Elder says this law (Davis-Bacon) costs us taxpayers and extra 15-20 percent. The new tax law cuts 14 percent off of the corporate tax rate so I demand an equal cut in the Davis-Bacon tax!
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Source : http://www.herald-dispatch.com/wcn/wc_opinion/fred-friar-tax-bill-not-a-gift-to-rich-friends/article_47b30f40-5128-51e6-8af3-8e58f8ff6f23.html