Quote:
Originally Posted by AGDee
I agree with you on the tax breaks for NOT farming. I do think that you need to provide deductions for kids and home mortgage interest. $250,000.00 for a single person is very different than $250,000.00 for a family of 4. If you eliminate kids, then are you eliminating spouses who are not working also? Why would you NOT use household income per capita and instead only count income per person who is working? That doesn't make sense to me. Additionally, a lot more people would not be able to afford a house if the mortgage interest deductions were eliminated. The housing market is plenty unstable already. We don't need to add to that problem at this point in its very slow recovery.
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I agree with your statement about income being different for a family of four vs. a single person.
I also think that cost of living needs to be taken into account. For instance, my house in Southern Illinois (a modest, two story home) would be probably four times as expensive in somewhere such as San Francisco or Chicago. My grandparents, who live in a Chicago suburb, have a smaller house than us and paid over triple than what we did. $250,000 is a lot different for a family living in an area such as Southern Illinois and a family living in a big city or expensive area.