Posted: Apr 24, 2005 By: Peter Enyingi

Comment:
I propose a modification to the Cato Institute "dual rate" plan ( 15% and
27% depending on income) that would eliminate almost all deductions
including the popular write-offs for mortgage interest and charity
contributions.
Mortgage interest deductions should be kept but restricted to the first part
of the mortgage amount, lets say $200,000.00. Any interest on the amount of
a mortgage over twohundredthousand dollars would not qualify for the
deductions. And, no mortgage interest deduction for second homes, RV's,
yachts, etc. This way the popular mortgage deduction for mainly first time
home owners would be retained but taxpayers would not subsidize the million
dollar homes.
Charity contributions should be eliminated to separate charity from tax
havens. Many times I have to hold my nose when I read about a "charity."

Peter Enyingi
enyingi@earthlink.net