Tax Crafting
Every time I consider an alternative to the tax code, such as a flat tax or value-added (VAT) tax, I’m confronted by evidence of social engineering that would be impossible without the present complicated law. The government’s interest in promoting private home ownership comes immediately to mind. The incentive of tax credit for mortgage interest made us first among all nations in owning homes.
Good deal! Worthy deal and I can think of few other ways to successfully promote it.
These past few days the newspapers are full stories about various non-profit groups that benefit from the tax break (dare we say loophole?) of “historic easement donations.” A Washington Post article by Joe Stephens looks at some of the less-than-straightforward issues attending the promotion of easements, but the fact is that virtually no one was aware of or taking advantage of such deductions before the profit seekers stuck their oar in the water. Currently things are rolling along quite well across the nation,…