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Originally Posted by aephi alum
Nope, we need to keep the mortgage interest deduction. It's saving my butt. 
The thing is, the wealthiest of the wealthy know all the tricks (or their CPAs do) and end up paying far less than their share in income taxes. The lowest-income people are entitled to certain deductions and credits, so they pay little to nothing in taxes (and may even get money back from the IRS) - and this is appropriate, as they're already having enough trouble making ends meet. But the middle and upper-middle classes get screwed.
And while we're on the subject of tax reform, can we get rid of the damn marriage tax penalty? Seriously, my husband and I would be paying a lot less in taxes if we'd just continued living in sin. |
Which is why we have a CPA.
One of the best ways is do you all actually donate money to a church/non-profit org consistently.
That's one thing the rich does that a lot of middle class people with high tax bills seem to not do.
The second (if you are an employee) is actually play around with your withholdings.
Not saying it is the be all end all, but you will start seeing the results of not owing soo much at the end of the year.