claus@inuxa.UUCP (David Claus) (11/14/83)
Over the weekend I was thinking about taxes and the current deficit spending and had an idea for a new tax deduction. Since last year's government budget was ~ $800 billion of which $128.8 billion went to pay interest on the National Debt, I should be allowed to deduct 128.8/800 or 16% of all the tax I paid as an interest expense. Of course it would take a recursive procedure to determine my final tax and therefore my allowed deduction, but I think this deduction is as fair as any other interest deduction, in fact possibly fairer since I've had no say so over the majority of the Debt.(I'm only 25) Does anyone have any ideas on whether this is already legal, would help control deficit spending, or just make taxes even more complex. Dave Claus ATTCP Indy
john@ctvax.UUCP (11/18/83)
#R:inuxa:-23300:ctvax:43500001:000:220 ctvax!john Nov 16 08:29:00 1983 If you check carefully, I believe you will find that you may only deduct interest expenses for YOUR OWN loans, not those of others. Unless you own the U. S. Government, you ought not try this approach. =John Shelton=