Comment: I am a CPA and prepare tax returns for a living. I have been doing this for over 25 years. The Federal Govenment has been influencing peoples spending habits by using the tax code to give tax deductions for things the government wants people to spend on and taxing people for things the government wants the people not to spend money on. If the Government makes drastic changes to the tax code without considering the consequences. I see many people depend on the Interest Deduction to pay their mortgage. People who need the medical deduction to afford their medical bills.Etc. When President Reagan in 1988 signed the tax changes, the country went into a recession. Not all the reasons for the recession were due to the tax change but it made the recesssion much worse. If there was a flat tax and no deductions for interest and this caused the price of housing to drop 30%, This would cause great turmoil in the economy. Please try to act responsible and make prudent decisions. |