- Posted November 28, 2012 by
This iReport is part of an assignment:
You Can't Touch That!
Talk to almost anyone and they all say that Congress and the President must do something to keep the country from falling over the fiscal cliff, plunging the nation back into recession, seeing job losses and increases in taxes for everyone. Ask most people about those both loved and hated deductions in the tax code and the response will be to get rid of almost all of them.
Here's the deal on tax deductions. Everyone agrees the US tax code needs to be either reformed, rewritten or discarded with a new form of taxation put inplace. But when you start getting into the details and talking specifics, people start to balk at the idea.
It's sort of like the public's love/hate relationship with Congress. The public's disapproval of the members of the Legislative Branch is overwhelmingly poor. Polls say only about 10% of the public approve of the job Congress is doing. That's a whopping 90% who disapprove. Yet, Americans keep voting back in to office their individual representatives or senators. When you ask why with congressional approval so low, it's universal that the public is talking about the elected officials in other districts and other states...but NOT their own representative or senator.
Same thing now with talk of increasing revenues to avoid the fiscal cliff by closing loopholes and reforming or doing away with various deductions in the tax code. The public wants reform...unless...that reform means taking away or modifying their personal pet deduction.
Close the loopholes, but make sure I still have my loopholes. No way I want my taxes going up and given to a Congress that doesn't know how to manage money. Get rid of the subsidies for corporations, but don't cut the one's for my company since it may mean layoffs. Of course we say subsidy when it is really just a tax deduction, but it sounds more sinister calling it a subsidy or loophole.
Everyone wants Congress to cut spending, make sure safety nets are in place, tax the rich, reform the tax code. But when it comes down to the nitty gritty, the cry grows loud, "You can't touch that!"
Then we wonder why there's such gridlock when folks on the street can't even agree what is up and what is down.
From the Cornfield, like it or not, we are on the precipice of the abyss and unless we all bend a little, we are headed down the rabbit hole.