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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.
To quote Joe Wilson,you lie. He doesn't take away the mortage deduction. BTW,you understand congress would have to vote on this. No way they get rid of that deduction. They should,but won't.
To quote Joe Wilson,you lie. He doesn't take away the mortage deduction. BTW,you understand congress would have to vote on this. No way they get rid of that deduction. They should,but won't.
Where, exactly did I say he would take away the mortgage deduction? I said part of.
And did I, or did I not say, in my OP "if passed"?
Reading comprehension problem, or selective memory? I vote both.
And I took my question as response to Mitt Romney's statement at the 2nd debate.
I don't understand people's expectations. People's own tax accountants have difficulty explaining tax law to their own clients while sitting for hours with them. Why expect any candidate to be able to do that in spurts of 2 minutes in a debate, or even for that matter if they wrote it down. That's like people asking the President to explain Obamacare in 2 minutes. I read a 1 page Power Point on a small part of Dodd Frank that affects my line of work and my hair hurt. Imagine digesting all of Dodd Frank!
From some of the posts here, it is evident that there is little understanding of tax laws - from deductions on second homes, and child credits, etc. The tax law is full of "you can UNLESS" clauses. For those really interested in knowing what the tax laws are for every thing that applies to them, refer to Publication 17 in irs.gov.
I don't understand people's expectations. People's own tax accountants have difficulty explaining tax law to their own clients while sitting for hours with them. Why expect any candidate to be able to do that in spurts of 2 minutes in a debate, or even for that matter if they wrote it down. That's like people asking the President to explain Obamacare in 2 minutes. I read a 1 page Power Point on a small part of Dodd Frank that affects my line of work and my hair hurt. Imagine digesting all of Dodd Frank!
From some of the posts here, it is evident that there is little understanding of tax laws - from deductions on second homes, and child credits, etc. The tax law is full of "you can UNLESS" clauses. For those really interested in knowing what the tax laws are for every thing that applies to them, refer to Publication 17 in irs.gov.
What are my expectations? Lay out the plan, in plain english. Yes, he had 2 minutes at the debate, but he has a website, and he has time after the debate to explain what his tax plan is. My question to the people who are voting for him, why aren't YOU asking him?
You don't have to understand tax law to ask a candidate in a major election, what will the $ cap be based on in your tax plan? Is it a percentage of your income, or is the cap the same for everyone? Then, do the math on your own will your lowered tax rate + the cap on the deductions cancel each other out, will they result in a tax increase, or will it result in tax $$ savings.
And the existing tax laws would covver legislation that hasn't been written or passed yet, unless they were written by Kreskin.
What are my expectations? Lay out the plan, in plain english. Yes, he had 2 minutes at the debate, but he has a website, and he has time after the debate to explain what his tax plan is. My question to the people who are voting for him, why aren't YOU asking him?
You don't have to understand tax law to ask a candidate in a major election, what will the $ cap be based on in your tax plan? Is it a percentage of your income, or is the cap the same for everyone? Then, do the math on your own will your lowered tax rate + the cap on the deductions cancel each other out, will they result in a tax increase, or will it result in tax $$ savings.
And the existing tax laws would covver legislation that hasn't been written or passed yet, unless they were written by Kreskin.
It's not rocket science, it's simple math.
LOL, any small business owner can tell you that taxes are not "simple math."
LOL, any small business owner can tell you that taxes are not "simple math."
Kathryn, I'm speaking of Romney's cap on deductions. I don't quite understand why I need to repeat myself to adults. Are you guys being deliberately obtuse? Or just arguing for argument's sake?
Read my response again, a little more slowly this time. I'll make it easy for you:
This is what I wrote:
Quote:
What are my expectations? Lay out the plan, in plain english. Yes, he had 2 minutes at the debate, but he has a website, and he has time after the debate to explain what his tax plan is. My question to the people who are voting for him, why aren't YOU asking him?
You don't have to understand tax law to ask a candidate in a major election, what will the $ cap be based on in your tax plan? Is it a percentage of your income, or is the cap the same for everyone? Then, do the math on your own will your lowered tax rate + the cap on the deductions cancel each other out, will they result in a tax increase, or will it result in tax $$ savings.
And the existing tax laws would covver legislation that hasn't been written or passed yet, unless they were written by Kreskin.
I don't understand people's expectations. People's own tax accountants have difficulty explaining tax law to their own clients while sitting for hours with them. Why expect any candidate to be able to do that in spurts of 2 minutes in a debate, or even for that matter if they wrote it down. That's like people asking the President to explain Obamacare in 2 minutes. I read a 1 page Power Point on a small part of Dodd Frank that affects my line of work and my hair hurt. Imagine digesting all of Dodd Frank!
From some of the posts here, it is evident that there is little understanding of tax laws - from deductions on second homes, and child credits, etc. The tax law is full of "you can UNLESS" clauses. For those really interested in knowing what the tax laws are for every thing that applies to them, refer to Publication 17 in irs.gov.
People don't understand tax law, isn't that the truth. There are books and books on the tax code and trying to read it does make your hair hurt. People expecting it to be explained in a short amount of time shows how ignorant they really are and proves either they do the 1040EZ or hire someone else to do a basic 1040 form at most. Expecting someone to explain it in 2 min is laughable to the point of almost hilarious.
Now for Obamacare, the experts are still learning about and finding legalese that gives some people a pass and shows that it will cost average Americans a lot more money.
People don't understand tax law, isn't that the truth. There are books and books on the tax code and trying to read it does make your hair hurt. People expecting it to be explained in a short amount of time shows how ignorant they really are and proves either they do the 1040EZ or hire someone else to do a basic 1040 form at most. Expecting someone to explain it in 2 min is laughable to the point of almost hilarious.
Now for Obamacare, the experts are still learning about and finding legalese that gives some people a pass and shows that it will cost average Americans a lot more money.
One-more-time. I want to know what the cap is on deductions. Is it based upon a percentage of your income, or is it a set dollar amount. What about this do you folks not understand? Romney has a website, he can't explain himself there? He's giving speeches all over the US, well, the swing states, anyway, he can't explain it there?
Maybe the president was right in the 1st debate, his plan is....he doesn't have a plan.
I'm not talking about existing tax codes, tax forms, or that monsterous healthcare law, I'm talking about Romney's tax plan. Jesus, can't you people freaking comprehend what you're reading?
If you want to talk about the affordable care act, start a thread.
One-more-time. I want to know what the cap is on deductions. Is it based upon a percentage of your income, or is it a set dollar amount. What about this do you folks not understand? Romney has a website, he can't explain himself there? He's giving speeches all over the US, well, the swing states, anyway, he can't explain it there?
Maybe the president was right in the 1st debate, his plan is....he doesn't have a plan.
I'm not talking about existing tax codes, tax forms, or that monsterous healthcare law, I'm talking about Romney's tax plan. Jesus, can't you people freaking comprehend what you're reading?
If you want to talk about the affordable care act, start a thread.
The above is the reason why people think your question is being simplistic. I'm not Jesus but I can comprehend what you're asking.
Cap on deductions - on what? Deductions for child care, dependents, depreciation, mortgage interest, capital gains, second homes, payroll taxes, interest income, meals, travel, entertainment expense. etc. SO WHAT CAP ON WHICH DEDUCTION DO YOU WANT HIM TO WRITE ON HIS WEBSITE???? And what people would understand what of the short list of the above applies to them if they 1) are married and have 1 kid 2) married and two kids 3) married and 3 kids but blind, 4) single but disabled and ad nauseum to all the possible permutations of this.
See where I'm going with this? Each candidate has an idea of who he wants to affect (aka who each want to pander to). Like a company's CEO, they each cannot possibly know all the details, just the overview.
One-more-time. I want to know what the cap is on deductions. Is it based upon a percentage of your income, or is it a set dollar amount. What about this do you folks not understand? Romney has a website, he can't explain himself there? He's giving speeches all over the US, well, the swing states, anyway, he can't explain it there?
Maybe the president was right in the 1st debate, his plan is....he doesn't have a plan.
I'm not talking about existing tax codes, tax forms, or that monsterous healthcare law, I'm talking about Romney's tax plan. Jesus, can't you people freaking comprehend what you're reading?
If you want to talk about the affordable care act, start a thread.
Take a tax accounting class...they can't teach you this in 16 weeks....
Why don't you explain what Obama is going to do to help the economy? He doesn't explain it-and he has done NOTHING in 4 years....
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