Regions

Ben Carson proposes elimination of Mortgage and Charitable deductions

Close
November 15
7:46 PM 2015

Dr. Ben Carson gave a bold tax proposal during the recent Republican debates, calling to eliminate all itemized tax code deductions, including mortgage and charitable deductions.

According to the Tax Foundation, removing the deduction from the tax code is considered a standard fare for the 2016 Republican field. These deductions are filled with tax complexity and are typically federal social policy that are embedded in the tax code. Also, since the Republicans seek to decrease individual and corporate tax rates, removing the deductions can help fund these rate cuts without adding to the federal deficit.

In a report by Forbes, Carson said, "Now I will say that, there are a lot of people who say, if you get rid of the deductions, you ruin the American dream because, you know, home mortgage deduction. But the fact of the matter is, people had homes before 1913 when we introduced the federal income tax, and later after that started deductions. And they say there will be no more charitable giving. We had churches before that and charitable organizations before that. The fact of the matter is, I believe if you put more money in people's pockets that they will actually be more generous rather than less generous."

Realty Today reported that Carson is seeking to overhaul the federal tax code. He said he supports flat tax on individuals with incomes from 10 to 15 percent. He compared these taxes to how it is down in most Christian churches, which ask their parishioners to contribute 10 percent of their income.

Notably, among all the Republicans, only Carson called for eliminating all tax deductions in the individual tax code. Mike Huckabee may propose to eliminate all deductions, but his plan would lead to eliminating the entire current code. Seven other Republican candidates proposed removing all itemized deduction except mortgage interest deduction and charitable deduction, which are very popular to voters.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics