In my own words: Two years later, in 1986, not only did we not heed Mario Cuomos words but we began on the road to heavily shifting the tax burden to the middle class and heres how it was done. The Tax Reform Act of 1986 was possibly the most cleverly disguised tax increase in the history of this country. Gradually, over a period of time, average Americans began to lose the tax deductions they heavily relied upon to take the bite out of their income tax burden. It was genius, really, and, even to this day not enough people realize what happened. To the best of my knowledge, the only deduction not touched had to do with the mortgage and related interest. At the time the major shift in placing this huge tax burden on the shoulders of middle class Americans took place, I was working at Nixon, Hargrave in Rochester, NY in the tax department. I saw first hand what was happening as few Americans did. We did not see any relief until a few years ago when there was a temporary reduction during President Obamas first term--something he gets little credit for doing. If you want to understand why the middle class is disappearing, you only have to take a close look at the tax structure in this country. Ive worked on tax returns for individuals with earnings of 3 million dollars and not one cent is paid in income tax at the end of the year. Fact, folks.
Posted on: Fri, 02 Jan 2015 15:42:46 +0000
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