Romney's tax plan

Romney's tax plan has never been spelled out completely. It starts with a 20% across the board cut for everyone. That is where Obama gets the $5 trillion revenue loss figure, but Romney says he will make the cuts revenue neutral by eliminating deductions, refusing to specify which.

That's where the problem lies. Some taxpayers have a lot of deductions and might see an increase in their taxes, while others with few deductions would get a large tax cut. It might average out, but you don't want to be on the wrong side of that averaging.

What's missing from the discussion is that any tax plan will have to be passed by Congress. Many deductions are aimed at certain businesses. The housing and real estate lobbies will argue fiercely against eliminating the deduction for home mortgage interest and that is a big one—for many taxpayers, their largest deduction. State and local income taxes are a big deduction in some states, but not in others. Where income tax is high the Congressional delegations from those states will vote against eliminating the deduction and Romney may not get the support of his party on that one.

Voters may well go for the 20% income tax cut, not realizing what they could lose in deductions. As long as Romney refuses to tell, he may win votes. The clincher is that the Tax Policy Center claims that no combination of eliminated deductions adds up to enough to allow a 20% tax cut. Analysts who disagree rely on a large increase in economic growth to offset the shortfall.

Views: 147

▶ Reply to This

Replies to This Discussion

Permalink Reply by booklover on October 18, 2012 at 8:18am

I swear too much Steph. lol.

Permalink Reply by Steph S. on October 18, 2012 at 11:56am

You are just great booklover! : )

Permalink Reply by booklover on October 18, 2012 at 2:07pm

 

So are you Steph! :)

Permalink Reply by Sentient Biped on October 18, 2012 at 2:32pm

Swear more.  Please.

Permalink Reply by booklover on October 18, 2012 at 2:39pm

I will if that fucker Romney wins! ;)

Permalink Reply by Steph S. on October 17, 2012 at 10:50pm

Yeah it's fantasy Jonathan

Permalink Reply by Dr. Allan H. Clark on October 18, 2012 at 10:39am

The Tax Policy Center has published a new table showing the effects of capping deductions at either $17,000, $25,000, or $50,000 or eliminating them completely. None of these options provide enough revenue to make up for a 20% cut in rates. It's not even close.

http://www.taxpolicycenter.org/numbers/displayatab.cfm?DocID=3590

Permalink Reply by Jonathan Simeone on October 18, 2012 at 11:14am

There really is no way a reasonable person could accept Romney's proposals as anything but ilogical. I actually believe that Romney knows his "tax plan" is a joke. He can't be that stupid. He's just counting on lots of people being stupid enough to fall for his trick.

Permalink Reply by Dr. Allan H. Clark on October 18, 2012 at 11:31am

Any detailed discussion of taxes soon surpasses the capacity of most. Our mind-boggling tax code is extraordinarily complex and full of favors to various segments. Here is a discussion of what the numbers mean, but it is still not made entirely clear because it does not discuss cuts to other taxes that Romney proposes.

http://taxvox.taxpolicycenter.org/2012/10/17/how-much-revenue-would...

Permalink Reply by Steph S. on October 18, 2012 at 11:57am

And unfortunately many people are stupid Jonathan.

Permalink Reply by Jim DePaulo on October 18, 2012 at 12:26pm

That's true, there are legions of morons in the country who vote; however, when the nitty gritty of tax policy gets into the discussion even the intelligent citizen's eyes glaze over.  Mitten's economic plan is bullshit and he knows it - if he doesn't then his "business cred" is a joke.  But then, Mittens has switched hats so many times who knows what he actually means or thinks?

Permalink Reply by booklover on October 18, 2012 at 2:09pm

Mittens also claims to believe that Joseph Smith shit, so maybe he IS that stupid.  Or maybe really devious.  Either way I can't stand the thought of him being our president.  We will be a laughing-stock.

RSS

Members

Blog Posts

War on Christmas in May

Posted by matthew greenberg on May 21, 2013 at 12:18pm 1 Comment

http://www.huffingtonpost.com/2013/05/21/texas-merry-christmas-bill_n_3312786.html?utm_hp_ref=politics

i've got no problem with everyone saying "merry christmas" on christmas day.  however, they've turned it into an entire holiday season where it lasts a month or more.  in those situations it should be perfectly acceptable to say "happy holidays" or call it a…

Continue

My first funeral as an atheist

Posted by Two Cult Survivor on May 21, 2013 at 11:30am 0 Comments

I posted the bulk of this on another thread, but wanted to add some context separately.

I finally confronted my faith and embraced the fact of my atheism late last August, 2012. Days after I revealed my "epiphany" to a few friends who knew me from another message board, my sister died from Lou Gehrig's Disease (which pissed her off because she hated catching a disease from someone she never f---ed).

THAT was my sister, understand? She was a beautiful, life-loving, potty-mouthed…

Continue

Death of a family member

Posted by Larry Taylor on May 20, 2013 at 8:15pm 8 Comments

OK. I am venting. My mother died two weeks ago. She was a “god fearing christian.” Before her death she refused all medical treatment. She wanted to be left alone. She even refused to speak with my brother who is a methodist minister. He is a pip, let me tell you! I suspect she did not believe, but a woman born in her time could not and did not state her actual beliefs. This is the opening salvo to all christians; FUCK YOU! I had so many people come and tell…

Continue

Unbelievable!!!!!!!!

Posted by Christy Stewart on May 20, 2013 at 2:17pm 6 Comments

This probably should not have shocked me as much as it did (especially since I am in Texas). I actually thought my coworkers were playing a joke on me because they know I am an atheist. Sadly, this was no joke. This actually happened.

I work in a psychiatric hospital. The doctors who admit patients are general MDs. (Psychiatrists see patients after admission) Yesterday evening we received several calls from irate parents. A new doctor who was doing admissions yesterday actually…

Continue

Events

© 2013   Atheist Nexus. All rights reserved. Admin: Richard Haynes.

Badges  |  Report an Issue  |  Terms of Service