There’s Room at the Table for Everyone
Could this work?
The health bill is stalled because our legislators say it cannot be funded. I’m waving my hand in the air, ask me, ask me!*
How about those of us who-eat-at the-banquet-table parting with some of our tax deductions to help those who are struggling to pay for necessities.
It might work like this. If you are affluent enough to purchase a home of $350,000 or more you get no income tax deduction for interest paid on your mortgage! We could phase the deduction out, so that people could plan, could budget for that eventuality. Next year it is 80% deductible. Year after that it is 60%. Then 40%, 20%, then voila, it disappears. (Remember when we lost the sales tax deduction, there was a lot moaning, but now it’s forgotten.)
Easy for me to say? Not really. I’ve lived below the poverty level and in the $350,000+ home category. Looking at it from both sides.
Now here’s where I admit my ignorance. How much would this generate? How much do we need? Dunno to both. Whatever the asnswer to either question, this could be the beginning of a solution.
* This is not my original idea, I’ve heard or read something somewhere and it lit up part of my brain. The one person I presented it to verbally shot it down as totally unreasonable, un-workable, and un-American. But I still like it.