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How's the plan going to work? Is he going to cap what an individual or family can deduct+credits at a fixed amount? I've heard him throw out a few numbers around $20k. If so, wouldn't that be a huge increase in tax liability for anyone with a mortgage and/or lots of credits and deductions? I smell a rat... http://www.romneytaxplan.com/
How's the plan going to work? Is he going to cap what an individual or family can deduct+credits at a fixed amount? I've heard him throw out a few numbers around $20k. If so, wouldn't that be a huge increase in tax liability for anyone with a mortgage and/or lots of credits and deductions? I smell a rat... For all the details on Mitt Romney's 5 trillion dollar tax plan visit ROMNEYTAXPLAN.COM
The one problem with willard's plan would be the "devil" in the details.
Everyone is wondering about his and ryan's details, but nothing has been produced outlining the details.
Willard says he's going to create 12 million jobs, and people are astounded by that remark and wondering how he is going to accomplish such a monumental task.
People need to remember that a President does not legislate bills, the house legislates bills, and the bills go to the senate for passage or tweaking, if tweaked, they're sent back to the house to ok revisions.
If willard is elected president, he would need a majority of "R"'s in the house and in the senate to cram legislation thru. If willard ends up being a lame duck, we might be looking into the future with more obstruction, this time by the "D" party.
Romney is going to RAISE TAXES by reducing exemptions and deductions.
He is saying it loud and clear. You will pay more taxes when money that is currently exempt is now going to be taxed.
Take the $500/mo in health insurance that your employer currently pays for your insurance premium. It's tax exempt now. Romney might remove it from being exempt and then you have $6000 in additional taxable income each year.
This could be the biggest tax increase in history if he removes a lot of deductions/exemptions or caps them.
If I recall correctly, last night at the 2nd debate, he said he would limit deductions to $2500 and the taxpayer could choose which deductions to utilize.
At the same time he would lower tax rates, so that for the average taxpayer, they would not pay more taxes. This would be detrimental only to big deduction-takers, i.e. the rich.
Willard says he's going to create 12 million jobs, and people are astounded by that remark and wondering how he is going to accomplish such a monumental task.
Rick Scott, the Republican governor of Florida, ran on creating 700,000 jobs. Ask Floridians how well he is doing with that goal.
I think Romney picked "12 million" because "5 billion" sounded totally inflated -- but "12 million" sounded plausible to a billionaire.
By LOWERING the TAX RATE, you can actually INCREASE tax REVENUES.....and that's what Romney is proposing. He has said tax RATES on high income folks won't change...but the RATE that lower income (ie: regular folks) will go down. The more money you make, the less deductions you will be able to claim.
Willard says he's going to create 12 million jobs, and people are astounded by that remark and wondering how he is going to accomplish such a monumental task.
Credible sources, including Moody's, say that 12 Million jobs will be created no matter who wins.
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