North Korea has passed an economic milestone and will now manufacture its own bicycles! Will the wonders of a managed economy never cease?
Meanwhile here at home it looks like we will be making our own progress in the same direction. Bloomberg reports that the Presidents panel on tax reform is looking to lower the cap on deductable mortgage interest on homes over $350,000 and employer-paid health insurance because, “the proposals are ‘clearly redistributing’ the tax benefits for homeownership and health care to lower-income Americans.”
But wait, they will ease our pain. “Panel members agreed to recommend, an extended transition period during which homeowners could take advantage of laws as they existed when they bought their homes ‘so we’re not changing the rules of the game for people out there.’"
It is amazing to me that despite the very real — and very recent — proof that lower taxes lead to an improved economy and ultimately higher tax revenues there are still excuses to raise taxes!