Re: April 26 news story.
Apparently the financial industry, the non-profits, and their lobbyists prevailed in the recently proposed tax revision. Removing all itemized tax deductions except mortgage interest and charitable donations and calling it “eliminating tax breaks” is ridiculous obfuscation.
This reform would no longer allow deducting medical insurance and expenses, or fire and theft casualty losses, or state and local taxes, or unreimbursed expenses of employees. In what sense are these deductions categorized as “tax breaks”?
These eliminated deductions are more helpful for the low- and middle-income taxpayers than high earners, who may have their deductions phased out anyway. Increasing revenues by reducing the write-off of mostly unavoidable or unfortunate expenditures would be the result. That is unfair and is the wrong policy.
Tom Hall, Castle Pines
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