There are two days this year when millions of adults like you play pivotal roles as Americans. The first is April 15, when you pay your taxes. The second is November 6, when you vote for the people you want to spend them.
If you're like most of us, you’ll pick your candidates mainly by how much you like and trust them—their smiles, their voices, your sense of their integrity and capacity to lead. But policy issues also affect your choice. You’ll want to know where they stand on Iraq, terrorism, unemployment, Social Security, federal deficits. And on lots of social issues—involving housing, health care, education, marriage, and much more.
All of which means that you’d better remember April 15 when November 6 comes around. Why? Because our tax laws cut across all of American life. Except for the U.S. Constitution, they represent the most comprehensive expression of our government’s official values. What these laws tax or exempt, reward or ignore, crucially shape who we are as a nation and what we will become.
The McMansion Tax Break
The home mortgage interest deduction allows taxpayers to deduct interest on loans of up to $1 million to buy or build one or two personal residences.
Ask the Candidate:
Would you limit the tax break to one basic home? And would you focus the subsidy on qualified households who need the subsidy most?
Comments about Fox's Books:
About If Americans Really Understood the Income Tax:
This important book explains our complex income tax system in unusually understandable terms and with valuable references to the major policy literature, history and debates. With great common sense, Fox argues persuasively for reforms. If Congress would respond to his views, we would have a simpler, fairer and more efficient income tax."
John K. McNulty, Roger J. Traynor Professor of Law, University of California, Berkeley School of Law (Boalt Hall)
About John O. Fox
John O. Fox spent 36 years wrestling with the tax laws as a lawyer in Washington, D.C. He is the author of the highly praised book If Americans Really Understood the Income Tax (Westview, 2001). Mr. Fox has commented frequently about tax issues on radio and television, and his articles on what’s right and wrong with the U.S. revenue system have appeared in The Washington Post, The Boston Globe, and many other newspapers. For over 25 years, he taught "Winners and Losers," a course on U.S. tax policy at Mount Holyoke College.