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Why? You don't get an exemption on income tax for many of these.
by amalgamated_inc 4y ago
Why? You don't get an exemption on income tax for many of these.
- BizarroLand 4y agoYou get insurance taken out of your paycheck pre-tax. You get a tax rebate for the interest you pay on mortgages and student loans. That's why I would want them to be exempt from any federal VAT.
- amalgamated_inc 4y agoUnfortunately, no exemption for rent :( And health care is only the insurance payment or if you have an FSA/HSA.
- BizarroLand 4y agoExactly. Which is why I would want all healthcare expenses VAT free, and rent should be treated the same as mortgages.
- amalgamated_inc 4y agoI mean then you're at "everything exemption" pretty quickly. Shelter is the biggest cost for many people by far, often 30% or more. If you add all health, car payments, and maybe food, you're at what, 80%? I'm all for it just saying :)