--- title: "Meaning & Key Takeaway of: There's a tradeoff. Yeah, I lose the…" description: "\"There's a tradeoff. Yeah, I lose the deduction that I really like, but my tax rate is going to go down, and I don't have to fill out that form anymore...." image: "https://sms4smile.com/quotes/i/624/t-r-reid-18579_country_there-s-a-tradeoff-yeah-i-lose-the-deduc_1757745.jpg" --- # There's a tradeoff. Yeah, I lose the deduction that I… ![“There's a tradeoff. Yeah, I lose the deduction that I really like, but my tax rate is going to go down, and I don't have to fill out that form anymore. It's much simpler, rates are lower, and that tradeoff has worked in many countries. Many countries have just cleaned house of all those exemptions…” quote by T.R. Reid](https://sms4smile.com/quotes/i/624/t-r-reid-18579_country_there-s-a-tradeoff-yeah-i-lose-the-deduc_1757745.jpg) [Download](https://sms4smile.com/quotes/i/624/t-r-reid-18579_country_there-s-a-tradeoff-yeah-i-lose-the-deduc_1757745.jpg) [Open image](https://sms4smile.com/quotes/i/624/t-r-reid-18579_country_there-s-a-tradeoff-yeah-i-lose-the-deduc_1757745.jpg) > “There's a tradeoff. Yeah, I lose the deduction that I really like, but my tax rate is going to go down, and I don't have to fill out that form anymore. It's much simpler, rates are lower, and that tradeoff has worked in many countries. Many countries have just cleaned house of all those exemptions in order to provide lower rates, and people buy it.” [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Simplifying tax policy by lowering rates and removing exemptions can boost compliance and economic efficiency. **In simple terms:** Lower taxes and fewer exemptions simplify the system. Key Takeaway Simplify taxes for broader acceptance. Themes economics policy simplicity Mood analytical thought‑provoking Type political educational When to use this quote - legislative reform - tax filing processes - public education campaigns Key Concepts tax incidence behavioral incentives public finance Questions to Reflect On - What trade‑offs exist between simplicity and fairness? - How do tax changes affect different income groups? A Different Perspective Complex issues may be oversimplified, missing equity concerns. ★ ★ ★ ★ ★ No ratings yet [Country](https://sms4smile.com/quotes/about/country/) [Deduction](https://sms4smile.com/quotes/about/deduction/) [People](https://sms4smile.com/quotes/about/people/) [Taxes](https://sms4smile.com/quotes/about/taxes/) ## Related quotes > [If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.](https://sms4smile.com/quotes/t-r-reid/if-you-get-rid-of-all-these-giveaways-and-loopholes-and-deductions/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [Starting in the '80s or so, after the United States sharply cut its rates, other countries decided they better do it too, and here's…](https://sms4smile.com/quotes/t-r-reid/starting-in-the-80s-or-so-after-the-united-states-sharply-cut-its/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [We had 90 percent rates, but nobody paid them. And so you had all these exemptions, exclusions, shelters, all this kind of stuff. And…](https://sms4smile.com/quotes/rick-santorum/we-had-90-percent-rates-but-nobody-paid-them-and-so-you-had-all-these/) [Rick Santorum](https://sms4smile.com/quotes/author/rick-santorum/) > [Close loopholes, close the special interest Washington carve outs and that means more incomes subject to taxation so we're going to lower the rates…](https://sms4smile.com/quotes/paul-ryan/close-loopholes-close-the-special-interest-washington-carve-outs-and/) [Paul Ryan](https://sms4smile.com/quotes/author/paul-ryan/) > [Mortgage is one of the most popular deductions. It costs the Treasury about $103 billion a year. Now that's money we could use to…](https://sms4smile.com/quotes/t-r-reid/mortgage-is-one-of-the-most-popular-deductions-it-costs-the-treasury/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [You also get a deduction in America for taking a night school course, growing sugarcane, moving to a new city for a job, replanting…](https://sms4smile.com/quotes/t-r-reid/you-also-get-a-deduction-in-america-for-taking-a-night-school-course/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [If you ask any economist, they'll tell you all the mortgage interest deduction does is raise the price of the house. So a couple…](https://sms4smile.com/quotes/t-r-reid/if-you-ask-any-economist-they-ll-tell-you-all-the-mortgage-interest/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [Businesses and households react to lower rates by investing and spending more. Lower rates also support the prices of housing and financial assets such…](https://sms4smile.com/quotes/jerome-powell/businesses-and-households-react-to-lower-rates-by-investing-and/) [Jerome Powell](https://sms4smile.com/quotes/author/jerome-powell/) > [I think the millions of people who had been able to renegotiate their mortgages so they are paying lower interest rates are better off.](https://sms4smile.com/quotes/david-axelrod/i-think-the-millions-of-people-who-had-been-able-to-renegotiate-their/) [David Axelrod](https://sms4smile.com/quotes/author/david-axelrod/) > [Everybody will have lower rates, better quality, and better access.](https://sms4smile.com/quotes/nancy-pelosi/everybody-will-have-lower-rates-better-quality-and-better-access/) [Nancy Pelosi](https://sms4smile.com/quotes/author/nancy-pelosi/) > [It's time to level the playing field for small business owners and give them the same health care choices that large corporations have. Because…](https://sms4smile.com/quotes/jeff-merkley/it-s-time-to-level-the-playing-field-for-small-business-owners-and/) [Jeff Merkley](https://sms4smile.com/quotes/author/jeff-merkley/) > [It would be helpful if someone would lay out exactly the economic mechanism that gets us from yet lower interest rates to actual economic…](https://sms4smile.com/quotes/jerry-a-webman/it-would-be-helpful-if-someone-would-lay-out-exactly-the-economic/) [Jerry A. Webman](https://sms4smile.com/quotes/author/jerry-a-webman/) > [There have been times when the Federal Reserve has restricted the money supply and raised interest rates to gain an end, which had much…](https://sms4smile.com/quotes/wright-patman/there-have-been-times-when-the-federal-reserve-has-restricted-the/) [Wright Patman](https://sms4smile.com/quotes/author/wright-patman/) > [However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest…](https://sms4smile.com/quotes/toshihiko-fukui/however-in-spite-of-the-general-perception-that-monetary-policy/) [Toshihiko Fukui](https://sms4smile.com/quotes/author/toshihiko-fukui/) > [Multimillionaires cannot pay lower rates than their secretaries and other people working for them.](https://sms4smile.com/quotes/hillary-clinton/multimillionaires-cannot-pay-lower-rates-than-their-secretaries-and/) [Hillary Clinton](https://sms4smile.com/quotes/author/hillary-clinton/) ## More by T.R. Reid > [We have the most expensive compliance system in the world. The IRS brags that they spend 35 cents for every $100 they collect. They're…](https://sms4smile.com/quotes/t-r-reid/we-have-the-most-expensive-compliance-system-in-the-world-the-irs/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [President Trump repeatedly says that "America is the highest-taxed country in the world." This is an alternative fact. We pay less in taxes, and…](https://sms4smile.com/quotes/t-r-reid/president-trump-repeatedly-says-that-america-is-the-highest-taxed/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [The Value-Added Tax, a sales tax that applies at every level of business transactions, is an easy tax for governments to collect, and a…](https://sms4smile.com/quotes/t-r-reid/the-value-added-tax-a-sales-tax-that-applies-at-every-level-of/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [“When I was traveling the world on my quest, I asked the health ministry of each country how many citizens had declared bankruptcy in…](https://sms4smile.com/quotes/t-r-reid/when-i-was-traveling-the-world-on-my-quest-i-asked-the-health/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [When it comes to taxation, Americans are still banging out letters on a typewriter and dropping them in the mail box while everybody else…](https://sms4smile.com/quotes/t-r-reid/when-it-comes-to-taxation-americans-are-still-banging-out-letters-on/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.](https://sms4smile.com/quotes/t-r-reid/if-you-get-rid-of-all-these-giveaways-and-loopholes-and-deductions/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [If you ask any economist, they'll tell you all the mortgage interest deduction does is raise the price of the house. So a couple…](https://sms4smile.com/quotes/t-r-reid/if-you-ask-any-economist-they-ll-tell-you-all-the-mortgage-interest/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [It turns out a VAT - a value-added tax - is a very easy tax to collect and a very hard tax to evade.…](https://sms4smile.com/quotes/t-r-reid/it-turns-out-a-vat-a-value-added-tax-is-a-very-easy-tax-to-collect/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [Corporations use all sorts of complex stratagems to move their profits overseas, and thus escape the U.S. income tax.](https://sms4smile.com/quotes/t-r-reid/corporations-use-all-sorts-of-complex-stratagems-to-move-their/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [The Value-Added Tax, a sales tax that applies at every level of business transactions, is an easy tax for governments to collect, and a…](https://sms4smile.com/quotes/t-r-reid/the-value-added-tax-a-sales-tax-that-applies-at-every-level-of-2/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [“But Nikki White was a citizen of the world’s richest country, the United States of America.”](https://sms4smile.com/quotes/t-r-reid/but-nikki-white-was-a-citizen-of-the-world-s-richest-country-the/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [Starting in the '80s or so, after the United States sharply cut its rates, other countries decided they better do it too, and here's…](https://sms4smile.com/quotes/t-r-reid/starting-in-the-80s-or-so-after-the-united-states-sharply-cut-its/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [If your employer pays your health insurance, that's not counted as income to you. And any economist would say that's your income, because they'd…](https://sms4smile.com/quotes/t-r-reid/if-your-employer-pays-your-health-insurance-that-s-not-counted-as/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [You also get a deduction in America for taking a night school course, growing sugarcane, moving to a new city for a job, replanting…](https://sms4smile.com/quotes/t-r-reid/you-also-get-a-deduction-in-america-for-taking-a-night-school-course/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) > [Professor Eric Zolt of UCLA, said to me, "The VAT is such a good idea, mark my words, within five years, the U.S. will…](https://sms4smile.com/quotes/t-r-reid/professor-eric-zolt-of-ucla-said-to-me-the-vat-is-such-a-good-idea/) [T.R. Reid](https://sms4smile.com/quotes/author/t-r-reid/) [Explore all 34 T.R. Reid quotes ](https://sms4smile.com/quotes/author/t-r-reid/) ## More Country quotes > [I love playing for my country, getting the support. Especially for the kids and everybody, showing my example of what I can achieve so…](https://sms4smile.com/quotes/maria-sharapova/i-love-playing-for-my-country-getting-the-support-especially-for-the/) [Maria Sharapova](https://sms4smile.com/quotes/author/maria-sharapova/) > [ That country \[Carthage\] was rapidly sinking into the state of barbarism from whence it had been raised by the Phoenician colonies and Roman laws;… ](https://sms4smile.com/quotes/edward-gibbon/that-country-carthage-was-rapidly-sinking-into-the-state-of-barbarism/) [Edward Gibbon](https://sms4smile.com/quotes/author/edward-gibbon/) > [If my campaign is not in the debate, we will not be talking about how we really fix this problem of endless and expanding…](https://sms4smile.com/quotes/jill-stein/if-my-campaign-is-not-in-the-debate-we-will-not-be-talking-about-how/) [Jill Stein](https://sms4smile.com/quotes/author/jill-stein/) > [For the Scottish government, the practice of having meetings in different parts of the country is well established, but for the U.K. government, it…](https://sms4smile.com/quotes/nicola-sturgeon/for-the-scottish-government-the-practice-of-having-meetings-in/) [Nicola Sturgeon](https://sms4smile.com/quotes/author/nicola-sturgeon/) > [There's no reason someone who has fought for their country should be homeless of jobless.](https://sms4smile.com/quotes/chris-kyle/there-s-no-reason-someone-who-has-fought-for-their-country-should-be/) [Chris Kyle](https://sms4smile.com/quotes/author/chris-kyle/) > [The image of blacks usually is one of people who are suffering from hunger, unemployment, and poverty. The idea of them as agents and…](https://sms4smile.com/quotes/grace-lee-boggs/the-image-of-blacks-usually-is-one-of-people-who-are-suffering-from/) [Grace Lee Boggs](https://sms4smile.com/quotes/author/grace-lee-boggs/) > [It's very nice to be a rebel saying, 'I stand on my principles,' but if in fact that's not going to have any impact…](https://sms4smile.com/quotes/dominic-grieve/it-s-very-nice-to-be-a-rebel-saying-i-stand-on-my-principles-but-if/) [Dominic Grieve](https://sms4smile.com/quotes/author/dominic-grieve/) > [Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is…](https://sms4smile.com/quotes/peter-schiff/most-paper-money-initially-existed-as-a-substitute-for-gold-that-s/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [That's what this country is. It's made up of immigrants.](https://sms4smile.com/quotes/bria-vinaite/that-s-what-this-country-is-it-s-made-up-of-immigrants/) [Bria Vinaite](https://sms4smile.com/quotes/author/bria-vinaite/) > [You, of Canada, are building a magnificent record of achievement. My country rejoices in it.](https://sms4smile.com/quotes/dwight-d-eisenhower/you-of-canada-are-building-a-magnificent-record-of-achievement-my/) [Dwight D. Eisenhower](https://sms4smile.com/quotes/author/dwight-d-eisenhower/) > [The United States cannot and should not discriminate on the basis of religion. The free exercise of religion is at the very heart of…](https://sms4smile.com/quotes/mike-pence/the-united-states-cannot-and-should-not-discriminate-on-the-basis-of/) [Mike Pence](https://sms4smile.com/quotes/author/mike-pence/) > [The reason I was drawn to the Band Perry was because they have a knack for doing rollicking country music that can sound a…](https://sms4smile.com/quotes/phoebe-robinson/the-reason-i-was-drawn-to-the-band-perry-was-because-they-have-a/) [Phoebe Robinson](https://sms4smile.com/quotes/author/phoebe-robinson/) > [In the nineteenth century some parts of the world were unexplored, but there was almost no restriction on travel.:; Up to 1914 you did…](https://sms4smile.com/quotes/george-orwell/in-the-nineteenth-century-some-parts-of-the-world-were-unexplored-but/) [George Orwell](https://sms4smile.com/quotes/author/george-orwell/) > ['Lovecraft Country' is reclaiming all these pulp genres for people of color.](https://sms4smile.com/quotes/misha-green/lovecraft-country-is-reclaiming-all-these-pulp-genres-for-people-of/) [Misha Green](https://sms4smile.com/quotes/author/misha-green/) > [No judge can stop us from praying for our country and I pray that on May 6, millions of Americans will join me in…](https://sms4smile.com/quotes/franklin-graham/no-judge-can-stop-us-from-praying-for-our-country-and-i-pray-that-on/) [Franklin Graham](https://sms4smile.com/quotes/author/franklin-graham/) [Browse all 29,881 Country quotes ](https://sms4smile.com/quotes/about/country/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "There's a tradeoff. Yeah, I lose the deduction that I really like, but my tax rate is going to go down, and I don't have to fill out that form anymore. It's much simpler, rates are lower, and that tradeoff has worked in many countries. Many countries have just cleaned house of all those exemptions in order to provide lower rates, and people buy it.", "creator": { "@type": "Person", "name": "T.R. Reid" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/t-r-reid/there-s-a-tradeoff-yeah-i-lose-the-deduction-that-i-really-like-but/", "about": { "@type": "Thing", "name": "Country" }, "@id": "https://sms4smile.com/quotes/t-r-reid/there-s-a-tradeoff-yeah-i-lose-the-deduction-that-i-really-like-but/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/624/t-r-reid-18579_country_there-s-a-tradeoff-yeah-i-lose-the-deduc_1757745.jpg", "contentUrl": "https://sms4smile.com/quotes/i/624/t-r-reid-18579_country_there-s-a-tradeoff-yeah-i-lose-the-deduc_1757745.jpg", "url": "https://sms4smile.com/quotes/i/624/t-r-reid-18579_country_there-s-a-tradeoff-yeah-i-lose-the-deduc_1757745.jpg", "width": 1080, "height": 1080, "caption": "“There's a tradeoff. Yeah, I lose the deduction that I really like, but my tax rate is going to go down, and…” — T.R. Reid", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "T.R. Reid", "item": "https://sms4smile.com/quotes/author/t-r-reid/" }, { "@type": "ListItem", "position": 4, "name": "There's a tradeoff. Yeah, I lose...", "item": "https://sms4smile.com/quotes/t-r-reid/there-s-a-tradeoff-yeah-i-lose-the-deduction-that-i-really-like-but/" } ], "@id": "https://sms4smile.com/quotes/t-r-reid/there-s-a-tradeoff-yeah-i-lose-the-deduction-that-i-really-like-but/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```