Obama and his new budget: Debt will surpass total US Economy

[Schneed10]

Originally Posted by firstdown

I was trying to give Saden a hard time. I realize 70 grand is not low income but when he said his friend paid no taxes I figured its because he is consider low income under the current tax system. Add in the fact he has 5 kids then that could be the case. I would think that most here agree if your making 70 grand a year you should be paying taxes.

Actually I don't necessarily agree. I can defend just about every deduction in the current code that would affect the middle class:

- if you've got 5 children and you make 70K, that's not a lot to go around, so you should get that child credit.

- you need mortgage interest deductions in place or the incentive to buy your own home is greatly reduced. it would crush the housing market at a time when it can't afford it

- student loan interest deductions? if kids couldn't deduct it, enrollment in college would decline, or more would default on their loans. either result is not good for our future or economy in the present day

If I have any beef with the current tax code, it's with the deductions offered to the wealthy.

Tax code is complicated people, deal with it. It's that way for a reason.