DO YOU THINK MEDICAL EXPENSES SHOULD BE TAX DEDUCTIBLE? WHAT ABOUT THE HIGH REAL ESTATE TAXES WE ALL PAY? Other deductions that you think should be tax deductible? What about the finance charges you pay on your credit cards, should you get a tax brea...Read More
~Posted on
Jan 2019
DO YOU THINK MEDICAL EXPENSES SHOULD BE TAX DEDUCTIBLE? WHAT ABOUT THE HIGH REAL ESTATE TAXES WE ALL PAY? Other deductions that you think should be tax deductible? What about the finance charges you pay on your credit cards, should you get a tax break? Are any of these topics in the news? (CURRENT)
The medical expenses should be tax
deductible. The reason to this is that medical expenses may turn out to be very
expensive when especially one is dealing with a long-term illness, and they
might not be able to earn enough from working. It becomes easy when the
deductions offload the heavy burden of having to pay for the expenses and at
the same time paying the taxes. The deductions can only be made if the medical
expenses are more than 10% of the adjusted gross income (Greene-Lewis).
The real estate sector should not allow
the tax deductions. The only area they should allow is when it comes to a
mortgage. Sometimes it becomes hard for individuals when they have a mortgage
to finance and growing interest. The situation might be difficult especially if
it's a person with a young family will trying to purchase a home for the
household. The deductions should be there even though they are just for people
with families. The option for the young family is because business persons can
take advantage of the exception if it is not exclusive to evade paying taxes (Greene-Lewis).
The finance charges cut on credit cards
should be deducted. The reason for this being that it is an expense to the
individual using the credit card yet they are charge when calculating the tax,
they need to pay, and it is not of benefit to the individual instead it eats on
the finance of the person. Other expenses that should be considered in
deductibles are; transportation costs, travel expenses, and deduction for
capital losses ("Tax Deduction").
In the current news on taxes is the
difference between the candidates running for the presidency. Mr. Donald Trump
is of the opinion that when he assumes power, he will ensure that taxation for
high-income earners goes down to promote investment and growth. Ms. Hillary
Clinton, on the other hand, is of the opposing view where she will increase
taxation on the wealthy which the government will spend on funding low and
middle-income household (Mathur).