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WakeandBake

WakeandBake

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http://news.yahoo.com/eve-first-debate-romney-floats-tax-proposal-hits-005437234.html

The rich may not be as secure as they hope under a President Romney.

On Tuesday, the former Massachusetts governor said one option he is considering is to limit federal income-tax deductions to $17,000 per household.

If this option became a part of the Romney economic plan, tax analysts say, it would hit the wealthiest taxpayers the hardest, because they tend to itemize their deductions when they file their federal income taxes. Limiting deductions would also make it possible for Mr. Romney to stick to his plan not to add to the tax burden of low- and middle-income Americans.

:sketch:
 
Is Romney or Ryan (or both) who wants to eliminate all taxes on capital gains?
 
I've heard a lot of things lately that sound a lot like what Obama has proposed, just repackaged. At this point, I have no idea what Romney's plan actually is.
 
I would be interested to see how a household making $75,000-$500,000 per year would fare under Romney's tax plan compared to a household making over $500,000 per year, assuming a $17,000 limitation on itemized deductions, 20 percent cuts in the marginal tax rates, and maintaining the 15 percent rates on capital gains.

My guess is the household making $75,000-$500,000 sees a sizeable tax increase and the household making over $500,000 sees a massive tax break (especially since that household is more likely to see a greater percentage of their income coming from capital gains than wages). Households making less than $75k see little to no impact as it is unlikely they have more than $17,000 in itemized deductions anyway.

In other words, a middle class tax increase. I don't see how this proposal doesn't have the Norquist-fellating "no tax increase under any circumstance ever" crowd up in arms. Meanwhile the deficit continues to grow at an alarming rate because, overall, the plans are "revenue neutral" and do little to inspire businesses to grow.

Not to mention eliminating the mortgage interest deduction is a slippery slope that is likely to cause seriously damage to a housing market that appears to be showing signs of a recovery.
 
WakeandBake said:
The rich may not be as secure as they hope under a President Romney.
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Didn't someone on here quote a Republican strategist who said Romney needs to start saying whatever it takes to get elected- and once he's in office he can do what he thinks really needs to be done. I have little doubt that the rich will be well served by a Romney presidency.
 
BobStackFan4Life said:
Didn't someone on here quote a Republican strategist who said Romney needs to start saying whatever it takes to get elected- and once he's in office he can do what he thinks really needs to be done. I have little doubt that the rich will be well served by a Romney presidency.
Click to expand...

Yes, he could promise to close G'tmo, cut the deficit in half and not run for a second term if he can't get the economy turned around. Do you think people would fall for that...again?
 
jhmd2000 said:
Yes, he could promise to close G'tmo, cut the deficit in half and not run for a second term if he can't get the economy turned around.
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Good point.
Do you think people would fall for that...again?
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When faced with Mitt Romney as the other choice, it sure looks like it.
 
When faced with 4 years of Obama vs. the risk of 8 years of Romney, people will choose Obama.

I hope we can have a conversation about limits on deductions. That is a good place to start.
 
BobStackFan4Life said:
Didn't someone on here quote a Republican strategist who said Romney needs to start saying whatever it takes to get elected- and once he's in office he can do what he thinks really needs to be done. I have little doubt that the rich will be well served by a Romney presidency.
Click to expand...

Seriously, hasn't he been doing that?
 
jhmd2000 said:
Yes, he could promise to close G'tmo, cut the deficit in half and not run for a second term if he can't get the economy turned around. Do you think people would fall for that...again?
Click to expand...

Only if he was a Muslim Socialist not born in this country.
 
Deadbolt said:
I've heard a lot of things lately that sound a lot like what Obama has proposed, just repackaged. At this point, I have no idea what Romney's plan actually is.
Click to expand...

Bingo. Dude has always been completely two faced, but he is just saying whatever the fuck he thinks will stick at this point, regardless of whether it was the opposite of what he said last week.

Jon Stewart nails it here.

http://www.hulu.com/#!watch/405272

[video]http://www.hulu.com/#!watch/405272[/video]
 
PhDeac said:
When faced with 4 years of Obama vs. the risk of 8 years of Romney, people will choose Obama.

I hope we can have a conversation about limits on deductions. That is a good place to start.
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False. A good place to start is cutting our abusively-high spending and reforming our [sic] unkeepable promises on entitlements [sic, sic]. A good place to finish is after the government has policed itself, and that's the time to look at raising taxes.
 
jhmd2000 said:
False. A good place to start is cutting our abusively-high spending and reforming our [sic] unkeepable promises on entitlements [sic, sic].
Click to expand...

sigh...... there you go again, throwing grandpa down on the sidewalk and kicking needy children. We get it, they don't deserve basic subsistence. They have refrigerators, etc. Theyre fine.


I agree Ph, limiting deductions - if that is indeed the path to prosperity - is a good place to start.
 
jhmd, I was talking about with respect to tax reform. Get rid of the mortgage interest deduction and start from there. That hit will spread across income groups.
 
WakeandBake said:
sigh...... there you go again, throwing grandpa down on the sidewalk and kicking needy children. We get it, they don't deserve basic subsistence. They have refrigerators, etc. Theyre fine.


I agree Ph, limiting deductions - if that is indeed the path to prosperity - is a good place to start.
Click to expand...

Hilarious. That's what's been holding us back. Too many tax deductions.
 
jhmd2000 said:
Hilarious. That's what's been holding us back. Too many tax deductions.
Click to expand...

You do realize that's one reason why "half of Americans don't pay taxes".
 
How in God's name is phasing out the mortgage interest deduction going to lead to economic growth? Does that make ANY sense to anybody?
 
jhmd2000 said:
How in God's name is phasing out the mortgage interest deduction going to lead to economic growth? Does that make ANY sense to anybody?
Click to expand...

Exactly. Phasing out the mortgage interest deduction would have a devastating impact on the housing market. It would immediately result in a cash outflow in taxes of thousands of dollars for the average homeowner each year, and significantly increase the cost of owning a home.
 
attitudedeac said:
Exactly. Phasing out the mortgage interest deduction would have a devastating impact on the housing market. It would immediately result in a cash outflow in taxes of thousands of dollars for the average homeowner each year, and significantly increase the cost of owning a home.
Click to expand...

lower rates....revenue neutral.....
 
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