Re: Should we end the mortgage interest deduction?

In article <1132231953.092173.248210@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
"Larry Bud" <larrybud2002@xxxxxxxxx> wrote:

> Nosmo King wrote:
> > Yes - end the mortgage interest deduction, along with the entire income tax
> > structure. See www.FairTax.org for details.
>
> There's one problem with a consumption tax: Inact it, and give the
> stealing thieves in Congress a few years, and they will reinact an
> income tax ON TOP of a consumption tax. Then we get screwed over in
> yet another way.

The real problem with the consumption tax is that in periods of low
economic health, tax revenues could drop considerably if we had a
consumption tax as the primary source of funding the federal government.
This is why even states that have a sales tax are smart enough to
realize that relying exclusively on that tax for the bulk of their
revenue would be a big mistake. As such, anyone who says the federal
government can switch from an income tax to a consumption tax is kidding
themselves.
.

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