By Richard Leonetti,
Why is Congress thinking of extending a tax deduction for purchasing COBRA insurance benefits? Many of us don’t work and buy insurance ourselves and get no deduction. Shouldn’t everyone get a deduction for insurance payments, or maybe no one? In your opinion is it fair for one person to get $25,000 of insurance tax free, another $8,000 tax free and others get no deduction at all? Wouldn’t it be fairer if all health insurance were taxed and income taxes reduced across the board for everyone the same?
The same could be said for the mortgage interest deduction. Why should one get a big deduction because he has a million dollar house, another a smaller amount on a more modest house and the people who do not borrow or are renters get nothing? Don’t you think it would be fairer to not give a tax reduction for interest and just reduce the tax rates for everyone?
I would like your opinion. This citizen thinks these loopholes should be closed and taxes just plain lowered for all by the same amount.