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Do you understand that if his tax plan is passed, you will lose part of your Mortgage, Child Care, Student Loan, etc. deductions?
In his statement about his tax plan, he mentioned that you will put those deductions in a bucket with a dollar cap on it.
Yep. What part he didn't do a decent job articulating. Along with a 20% reduction in tax RATES, which I see you forgot to mention. He mentioned a cap of $25k on deductions, which I, and most people, don't come close to hitting. So...I'll see a 20% rate reduction, and (since I take less than $25k in deductiosn) keep at least some portion of the deductions I currently have.
Honestly, I'd rather see the rates lowered further and eliminate ALL deductions. The current tax code is a poor attempt to social engineer and drive behavior that DC bureaucrats would like to see, and to pander to specific groups.
So..just what is Obama's plan? No one ever seems to ask him...
Remember folks, unfunded tax cuts add to the deficit, the Bush era tax cuts are still adding to the deficit.
The phrase "unfunded tax cut" displays the liberal big government mindset of letting the government take as much as they want from everyone and distributing it out to those government deems worthy. It's a sign of where we've allowed government to go that so many people will use the phrase in a serious discussion.
It's UNFUNDED SPENDING that adds to the deficit. Don't spend what you don't have, and you'll not add to the deficit. The US government needs to focus on SPENDING LESS, not on taking more.
Yep. What part he didn't do a decent job articulating. Along with a 20% reduction in tax RATES, which I see you forgot to mention. He mentioned a cap of $25k on deductions, which I, and most people, don't come close to hitting. So...I'll see a 20% rate reduction, and (since I take less than $25k in deductiosn) keep at least some portion of the deductions I currently have.
Honestly, I'd rather see the rates lowered further and eliminate ALL deductions. The current tax code is a poor attempt to social engineer and drive behavior that DC bureaucrats would like to see, and to pander to specific groups.
So..just what is Obama's plan? No one ever seems to ask him...
Once again, Toyman, he threw out the 25K as an example, not a hard cap. Nobody can nail down exactly what the cap will be.
And this discussion is about Romney's tax plan, not Obama's. It's an honest question. Feel free to start your own thread about that.
No, if you listened to his debate answer last night, he is going to put a dollar cap on deductions. He threw out $25K as an example, but I'm thinking the cap will be a percentage of your taxable income. His words, not mine.
Well, you are thinking wrong. First of all, anything Romney recommends or suggests with respect to tax code reform will be scrutinized and battled over in Congress. But for God's sake, at least he HAS some ideas on how to FLATTEN the tax code. What's Obama's specific plan? Increase taxes on the rich, demonize the rich and punish success.
And I didn't hear Obama make his "grow the economy from the middle out" lame line last night. Maybe because no one could ever explain what that meant, the campaign has decided to drop it from its repertoire of lies.
Well, you are thinking wrong. First of all, anything Romney recommends or suggests with respect to tax code reform will be scrutinized and battled over in Congress. But for God's sake, at least he HAS some ideas on how to FLATTEN the tax code. What's Obama's specific plan? Increase taxes on the rich, demonize the rich and punish success.
And I didn't hear Obama make his "grow the economy from the middle out" lame line last night. Maybe because no one could ever explain what that meant, the campaign has decided to drop it from its repertoire of lies.
very good point.... let me add this. Mr. Obama's "increase taxes on the rich" plan will generate 1 trillion dollars over 10 years.
over that same period, based on the course we are currently on, we will have a budget shortfall of somewhere around 10 trillion dollars (Im being generous as we have 5 trillion in new debt over a 3.5 year peroid).
So the Presidents grand plan is a one trillion dollar fix for a 10 trillion dollar problem. Im not a math wiz but even I understand that is a failed plan.
The phrase "unfunded tax cut" displays the liberal big government mindset of letting the government take as much as they want from everyone and distributing it out to those government deems worthy. It's a sign of where we've allowed government to go that so many people will use the phrase in a serious discussion.
It's UNFUNDED SPENDING that adds to the deficit. Don't spend what you don't have, and you'll not add to the deficit. The US government needs to focus on SPENDING LESS, not on taking more.
Again, taxes are revenue, you don't cut revenue when your spending is increasing. If you cut taxes, you need to find that money elsewhere, by cutting spending. Bush didn't do that, he didn't fund his tax cuts, ergo, addition to the deficit. I did not say it was the only reason the deficit has increased, but it contributed to it, and still does.
Well, you are thinking wrong. First of all, anything Romney recommends or suggests with respect to tax code reform will be scrutinized and battled over in Congress. But for God's sake, at least he HAS some ideas on how to FLATTEN the tax code. What's Obama's specific plan? Increase taxes on the rich, demonize the rich and punish success.
And I didn't hear Obama make his "grow the economy from the middle out" lame line last night. Maybe because no one could ever explain what that meant, the campaign has decided to drop it from its repertoire of lies.
Anyone who thinks that his plan will cut taxes with no consequences is living in a fool's paradise. It won't happen. What will the cap on mortgage deductions do to an already struggling housing market? And will the cap on deductions make his "tax cut" a back-door tax increase? Why aren''t you guys asking Romney these questions? His plan is so vague that I wonder what the impact will be on the middle-class? His silence on this speaks volumes.
And if you re-read the original question, I put in the phrase " if his tax plan is passed".
Again, this is about Romney's tax plan, not Obamas, feel free to start another thread on that topic.
Again, taxes are revenue, you don't cut revenue when your spending is increasing. If you cut taxes, you need to find that money elsewhere, by cutting spending. Bush didn't do that, he didn't fund his tax cuts, ergo, addition to the deficit. I did not say it was the only reason the deficit has increased, but it contributed to it, and still does.
But, keep on denying.
Under Bush, and after the tax cuts, we had the highest revenue ever recorded, in 2007. So...saying tax cuts contributed to the defect really doesn't fly. Unfortunately, he increased spending faster than any president...until Obama. We don't have a revenue problem, we have a spending problem.
Unless you own a home, have kids, have a student loan you're paying off. But if you're single and file a 1040EZ every year, then, yeah, you could say that.
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