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- Aug 22, 2012
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Hi Molly. As far as the federal grants and loans these programs already exist and could be expanded if deemed necessary as in the case of infrastructure. But the programs must be scrutinized to ensure the funds are spent wisely. I have stated before that I have reviewed grant requests on behalf of the state in concert with submission to the federal government. Some of these grants are requests for decorative city entry signage, public works of art for display in a city, and other non essential, non-transportation related items that should the cost should be borne by the local citizenry rather than US taxpayers.
With regard to your list many of those deductions will be unnecessary for lower income people if the standard deduction is increased as noted it may be. Ones that may create an issue for some are those people with exorbitant healthcare expenses beyond the basic premiums. Those expenses beyond the premium costs could be deducted on lower income individuals.
If the end game is to increase revenue while helping the lower income individuals then I do not see how this could be a bad plan. My concern is will the tax cuts for corporations actually aide the economy. The opinions are all over the map on this and I can only hope that whatever passes helps.
Edit - Sorry for assuming that one would know that this portion of the excerpt I posted is what I agree with.
Critics of the deduction argue that state and local taxes simply reflect payments for services provided by those jurisdictions and, as such, should be treated no differently than other forms of spending. They also point to the uneven distribution of benefits across income groups and states.
With regard to your list many of those deductions will be unnecessary for lower income people if the standard deduction is increased as noted it may be. Ones that may create an issue for some are those people with exorbitant healthcare expenses beyond the basic premiums. Those expenses beyond the premium costs could be deducted on lower income individuals.
If the end game is to increase revenue while helping the lower income individuals then I do not see how this could be a bad plan. My concern is will the tax cuts for corporations actually aide the economy. The opinions are all over the map on this and I can only hope that whatever passes helps.
Edit - Sorry for assuming that one would know that this portion of the excerpt I posted is what I agree with.
Critics of the deduction argue that state and local taxes simply reflect payments for services provided by those jurisdictions and, as such, should be treated no differently than other forms of spending. They also point to the uneven distribution of benefits across income groups and states.
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