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Hi and welcome to Just Answer!Tax deductions often reflect social policy, and the belief that taxpayers having a wherewithal to pay should receive a less favorable tax treatment than those who do not. How is this policy reflected in the different categories of itemized deductions and in the treatment of itemized deduction in total? Just for illustration - www.irs.gov/pub/irs-pdf/f1040sa.pdf Lines 10-11 - home mortgage interest deduction. However a credit card interest is not deductible. It is clear an implementation of social policy to stimulate home ownership. Do you agree with this policy? Why or why not?Generally that is a good policy. However it was part of housing bubble that pushed home prices up for many years. So I might fully not agree with that policy.
Lev: You only gave one example of a itemized dedution and how it reflects social policy. Yoyr why or why not did not explain much at all either. I suppose i can use the website you gave me to try to get more information som I fully understand the questions and answers.
The question asked "how is this policy relected in the different categories of itemized deductions and in the treatment of itemized deduction in total. Do you agree with this ploicy? why, or whynot?"
There are several items listed on the schedule A ,not only mortgage interest. I do not believe credit card interest is deductible.
I would like you to explain a couple of other itemized deductions and explaim how social policy is reflected by each one.
I also would appreciate it if youcould give a more detailed answer explaining why or why not you agree with this social policy, like how it helps or hurts society.
You are correct the credit card interest is NOT deductible. I provided it as an example in contrast of mortgage interest. However if you were old enough you would recall that time ago the credit card interest was deductible - most likely it was done to stimulate credit card usage - not anymore... I think nowadays we need to reduce credit card usage.
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Thanks you for considerations.