The income tax only taxed the Rockefellers, the Morgans and the Vanderbilts. It was aimed at the top … - T.R. Reid

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T.R. Reid

The income tax only taxed the Rockefellers, the Morgans and the Vanderbilts. It was aimed at the top 4 percent, and the top rate then in 1913, was 7 percent. Woodrow Wilson had a big ceremony and said, "I'm delighted to be president at the creation of this popular new tax. "

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We cut tax exemptions in 1986, it was the most admired tax reform in U. S. history. Congress and the president worked together then to eliminate scores of loopholes and exemptions and deductions; this made taxes much simpler, and allowed a major cut in tax rates.

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Americans spend about 6 billion hours a year collecting the data and filling out the forms. We spend $10 billion to H&R Block and other preparers. And on top of that, $2 billion in tax preparation software, which still takes hours of work. It's outrageous the burden we put on people, and guess what, you go to Europe, you go to Japan, it's 15 minutes and costs nothing.

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Mortgage is one of the most popular deductions. It costs the Treasury about $103 billion a year. Now that's money we could use to treat wounded veterans or reduce the deficit or fill the border. Instead, we give it a subsidy to homeowners, and it goes mainly to the richest homeowners in America, because only one third of Americans itemize their deductions. It doesn't work. Many countries have gotten rid of the mortgage interest deduction. Almost all of them have higher homeownership rates than we do.

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If you ask any economist, they'll tell you all the mortgage interest deduction does is raise the price of the house. So a couple is out looking at the house, they say, "Oh, we love this house, but we couldn't make the monthly payment. " And the realtor says, "Yeah, but you're going to get a tax break. " So people pay more than they would otherwise. You take a loss even though you're making a gain.

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If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.

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