My previous optimism that the super commitee that resulted from the debt deal might be able to get a handle on the tax loopholes that permeate the tax code was dashed this morning when I read that five of the members of the committee already have fundraisers set to take place before they meet. I only used the National Association of Realtors as a hypothetical example, but it turns out they’re hosting a fundraiser for Max Baucus.
According to the Joint Committee on Taxation (which is, as you may have guessed, chaired by Baucus), in 2011, the mortgage interest deduction amount to $93.8 billion. Property tax deductions amount to $22.8 billion. Exclusion of capital gains tax on sales of primary residence amounts to $16.5 billion. That ain’t chump change.
- Josh McCabe
when the vampire squid has been deep-fried
in the slime of Bernank’s words
when politicians tell the truth
and not be lying turds
http://thepeakoilpoet.blogspot.com/2011/07/when-bankers-go-to-jail.html
“That ain’t chump change.” The trouble is that compared with what they make from these loopholes, the amounts they give to politicians are chump change. Which means that we have to ask “Who are the chumps?”