Two of the most insane aspects of our tax code are that capital gains are taxed at a lower rate than income and mortgages lower tax rates.
Our tax code should be encouraging people to make their money from working, not gambling. It also should discourage debt. The mortgage deduction encourages people to take our very large mortgages. This helps the banking industry but is a tax loophole that almost entirely goes to wealthy Americans who really don't need the help.
At least I am seeing some talk about removing the mortgage write-off and Warren Buffet is talking loudly about the tax rates for the rich being lower than the middle class. Unfortunately I don't believe than many in Congress are willing to do something so reasonable to help lower our debt.
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