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Government subsidies to elite private universities take the form of tax deductions for people who make charitable contributions to them.
Congress had the opportunity to extend tax relief to working families without increasing the deficit. Instead, we were handed a bill that favors the wealthy and eliminates deductions that benefit the middle class.
It would appear that the number of nonsense triplets is rather low, since we only occasionally come across them. However this conclusion is less secure than our other deductions about the general nature of the genetic code.
Amnesty is the magnet. Other magnets that you mentioned are anchor babies who get benefits in this country and employer deductions for employees, even if they are here illegally, which Mr. King is addressing.
In law, as in every other branch of knowledge, the truths given by induction tend to form the premises for new deductions. The lawyers and the judges of successive generations do not repeat for themselves the process of verification any more than most of us repeat the demonstrations of the truths of astronomy or physics.
Benjamin N. Cardozo
Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.
The highest-income Americans don't need tax-free health insurance, mortgage interest deductions or deferred taxation on retirement funds.
I favor the abolition of all Social Security, Medicare and estate taxes. In their place, we should create a simple income tax system that has no deductions or credits at all.
Fannie and Freddie made two-thirds of all subprime mortgages. That is not a free market institution. That entity, along with the Fed printing too much money back in '03 and '04, caused the housing collapse. So we need to take free markets seriously. That means we have to put an end to all these tax credits and tax deductions and loopholes.
And now, without having wearied my friends, I hope, with detailed scientific accounts, theories, or deductions, I will only say that I have endeavoured to tell just the story of the adventure itself.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
Sometimes I think that our laboratories are but little earthworks which men build about themselves, and whose puny tops too often conceal from view the Olympian heights; that we who work in these laboratories are but skilled artisans compared with the man who is able to observe and to draw accurate deductions from the world about him.
Gilbert Newton Lewis
If you have to change the law to get more money, that's a tax increase, and Americans for Tax Reform supports all efforts of tax reform, getting rid of deductions or credits, or something that's misclassified, as long as you at the same time reduce rates so that it's not a hidden tax.
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