Ron Paul Introduces Property Tax Deduction for All Act

[Paul4Prez]

This is huge:

http://www.house.gov/paul/press/press2007/pr121107.htm

Washington , DC - Congressman Ron Paul is yet again chipping away at the back-breaking tax burden on middle-class Americans with his recently proposed legislation. The Property Tax Deduction for All Act would make taxes on property an “above the line” deduction, meaning that taxpayers could deduct their property taxes without having to itemize all their deductions.

This would make the deduction available to millions of homeowners who take the standard deduction.

“Americans who have lived within their means and perhaps don’t pay enough in mortgage interest to make it advantageous to itemize their deductions are missing out on this relief. We should be rewarding their wisdom, not punishing them with a higher tax burden. I urge my colleagues in the House to support this bill and allow taxpayers to treat property taxes as an above the line deduction,” stated Congressman Paul.

Translation: Older Americans who own their home outright and still get stuck paying the property taxes every year, but have too few itemized deductions to exceed the standard deduction are going to get a NICE tax break, even if Ron Paul doesn't repeal the income tax overnight.

Shorter translation: Tax free tips = young people's vote; Above-the-line property tax deduction = homeowners' and older people's vote.

 

[angrydragon]

I think www.house.gov/paul is the most visited of all the members of congress.

 

[Man from La Mancha]

This is great news. No one owns land in the USA. Don't pay tax, don't have land. All land should never be taxed, charge for services rendered by the state but do not tax for them.

.

 

[Johncjackson]

Well it also applies to many "young" people- even ones with house payments, who live below their means.

 

[chadism]

Yeah, I think this is above all an effort to address the sub-prime mortgage crisis.

 

[Ronin]

Great move. I'm not sure exactly how it would help sub-prime mortgage owners as it's geared towards those without mortgages. In any event, it's a good thing.

 

[maeqFREEDOMfree]

any tax relief is good to me. gonna show this to my parents and grandparents as well as anyone else i know who owns

a step in the right direction