He ran through a series of calculations that took into account how the returns were calculated, tax rates and the reduction of personal deductions for people earning more than $250,000 a year (or $300,000 for a married couple).
Ultimately a reduction of the deduction would not quash the American dream of homeownership and, if modified, it might help certain buyers get their first homes.
The pledge states not only that signers will oppose hikes in marginal income tax rates, but also that they will "oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
However such a deal was structured, it would almost certainly violate Norquist's pledge, which commits its signatories to "oppose any and all efforts to increase the marginal income tax rates," and also to "oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
"I pledge to taxpayers... and to the American people," it reads, "that I will: one, oppose any and all efforts to increase the marginal income tax rate for individuals and business; and two, oppose any net reduction or elimination of deductions and credits unless matched dollar for dollar by further reducing tax rates".
The Taxpayer Protection Pledge, which has been signed by almost all of the Republicans in Congress, commits the politician to "oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses" and to "oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
The pledge, written in 1986, is a simple document: it binds the signer to "oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses," and "to oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
"I, Scott Brown, pledge to the taxpayers of Massachusetts and to the American people that I will: ONE, oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses; and TWO, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
The pledge is a promise to voters to "ONE, oppose any and all efforts to increase the marginal income tax rate for individuals and business; and TWO, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
Said Mr. Liniger: One proposal being considered that really shocks most of us in real estate is the elimination or reduction of the mortgage interest deduction.
