No. of Recommendations: 2
Yoda

As I have said before, "We live in the land of push and shoveand anything goes."

We are in a period of changing the rules in midstream is common. Think of all the contracts with public employees that are borken or in the process thereof.

You can't cure the Federal governments fiscal problems without someone getting hurt wherther it is on the revenue side or the spending side.

However, I am sure you have noticed that the House doesn't seem to go along with anything that Obama proposes. So I suspect that any of the revenue things you mention are much more likely not to happen than to happen.

There is a lot of brave talk of closing loopholes. It used to be that you could deduct interest on installment loans, for example, but that is long gone. And at one time you could deduct all your health insurance costs, then it became 50%, now it is buried in a host of health items, and you can deduct only after you exceed 7% of AGI. And so it goes. And what about deducting the gasoline tax? You used to be able to decut these.

If history is any guide, any loopholes that get closed will be ones that affect the purchasing power of the little guy and not the big guys.

brucedoe
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