Have a Tax Question? Ask a Tax Expert
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.
Please review the answer below. Please be aware you do not need to accept the answer which is not helpful for you. If you need any clarification or additional information - please be sure to reply with explanations and elaborate if needed.I will work with you as long as needed fro your satisfaction.
I just notice your previous negative report and do not want to leave you unsatisfied.
Please be aware that you are not required to accept the answer if you are not satisfied and the answer has no value for you.
Again - if for any reason you are not satisfied or the answer has no value for you - you may simply ignore it and do not accept. Be sure to ask for clarification if needed.Having a negative feedback damages my reputation severe.If you change your mind - I will appreciate if you ask the customer service to remove a negative feedback. You may contact a customer support here - http://www.justanswer.com/help/contact.aspx?topic=Otheror via email.
Thanks you for considerations.