Reply #70: The taxes on the Middle and Working Classes

[femrap]

haven't changed....it was the taxes on the wealthy that were reduced. Raygun made the tax structure so that the Middle folks couldn't even qualify to do the "Long Form." I was an Investment Advisor at the time all these tax changes went into affect. I was agape at the time. He got rid of R & D Investment write-offs, Oil and Gas Investment, Real Estate Investment Partnerships....all the write-offs were for the extremely wealthy. No more interest write-off of credit cards nor sales tax. No, the Middle got it again....BOHICA.

Real Estate people used this Tax Structure to entice people to buy BIG mortgages so they qualified for the high interest write off....and this, imho, has helped lead us into the Real Estate Bubble.....poof!

Please...don't think that the Middle and Working Class Boomers got some great deal. They didn't. Seriously...think about it.

Only the Wealthy get the deals...the top 10%.

edit for clarity.