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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.
In his statement in the 2nd debate, Romney said to put the deductions you chose into a "bucket" so you choose the deductions you want to use to fill that "bucket" his words, not mine. So, which deductions? all of them, or some of them. Romney won't say.
His plan lets us, the citizens, keep more of OUR money upfront and make smart decisions about what we do with it, instead of the government giving tax credits, deductions, etc based on government rules and regulations.
Romney's plan make great sense.
How is he going to do that, exactly?
Quote:
Originally Posted by gsupstate
How do you take a Federal deduction on your property taxes? I knew you could take the mortagage interest deduction, but didn't know you could take a Federal deduction for you property tax.
Well, this question tells me you haven't the first clue on how to answer the above.
Quote:
Originally Posted by Zyngawf
Living in Jersey is a choice.
Oh, puhleeze. So, the only people who count are those who live in low-tax, low social services states, with low-paying jobs? Everyone should leave NJ and NY to move to GA, MS, AL, etc.? Great thinking, there.
Quote:
Originally Posted by NewToCA
Is it OK with you that Obama hasn't done anything to fix the tremendous inequity concerning retirement account capital gains and dividends? Doesn't it bother you that Obama hasn't proposed anything to allow retirees withdrawing funds from IRA's or 401K accounts to just pay the capital gain tax rate on the prorated capital gains and dividends earned in those accounts? Doesn't it concern you that he hasn't proposed anything at all to have those gains not taxed as ordinary income for retirees, especially those in the middle class, when they wouldn't be taxed as ordinary income if not in a retirement account?
As someone with tax-deferred retirement accounts who has kept track of nothing, trying to calculate a lower tax on prorated capital and dividends would be a nightmare. My retirement tax bracket isn't high enough that it matters. Plus, I'm doing Roth conversions to bypass any future taxes. So, tax treatment of retirement account capital gains and dividends is lowest on my list of concerns.
Quote:
Originally Posted by georgia dem
yes, and that cap is $25,000. and you also do not have to pay on capital gains
and other stuff
give it a break
I am self-employed with 2 businesses
I have already suffered with 4 years of obama
I lost a lot of business because of his policies, I have already lost my health insurance
and my house is under water! Gas prices are at an al l time high, gro are threw the roof!!
I like Romey's tax plan
under Obama in 2014, I am going to be hit hard, my accountant has already told me
so because of Obama I have lost money
4 more years of this hack I will not be able to turn this around
with Romney I have a shot at it
How, exactly, hard-hit are you and in what areas? Without specifics, this generally is not believable. I looked at every tax in Obamacare (I assume that's what you're talking about), and not one of them affects me. Nada.
Quote:
Originally Posted by KathrynAragon
I am going to be paying more in taxes most likely, under either Obama or Romney. I'm ok with that. I can afford it. And good grief, SOMEONE has to pay some damn taxes! Right now, two thirds of people filing an income tax return GET A REFUND. This is insanity. We can't keep giving away money like this.
Are you saying two-thirds of the people filing tax returns who get refunds are paying NO INCOME TAX whatsoever? My sister is still working, has about $10k withheld for federal taxes alone not including FICA, and gets a $3k REFUND. Are you saying that $7k she doesn't get back means the government is giving money away? Or, is her over-withholding of $3k (a forced savings which a lot of people do) our government giving money away it should rightfully keep? Pretty odd for a business person not to know the difference between a tax and a refund. Two very different categories.
Quote:
Originally Posted by Wyndsong71
And we know he CAN do this because he too does have a record!! And unlike Obama, his record CLEARLY shows that he CAN work with other political parties....
Actually, he doesn't work well with the other side. Never has. Romney had nothing to do with initiating Romneycare, as anyone in MA will tell you. Just signed the legislation. He wasn't much of a job creator, either. Further, property taxes increased under his watch. And, he had a closed-door policy for the legislators in general, to the point of taking a private elevator so he needn't be bothered by the stray legislator who might want to talk with him. Why do you think he left office with a 32% approval rating?
Like I said, I believe that part of the lack of specifics is because he wants to make this a BIPARTISAN agreement and he very much has BIPARTISAN, UNIFYING goals, rather than the blatantly divisive goals and actions of the current administration. If he gives too many specifics, that alone will be divisive, at a bad time to be so. He knows full well (as any educated voter SHOULD know) that he cannot ramrod his ideas thru like Obama did in 2008 and 2009, because he doesn't have full control of the House and Senate, as Obama did. Any plan he has will HAVE to be bipartisan - so the parties will have to work together to formulate this plan.
It would be great if Romney was sincere about bipartisanship. My observation leads me to believe he will not do anything in a cooperative manner. Rather, he will do as he pleases. He does not like being challenged. He likes to RULE. Currently, he is pulling the wool over everyone's eyes - people who are desperate to see this country put bickering aside and solve its problems. Romney is hoodwinking his supporters.
Quote:
Originally Posted by bibit612
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).
That's right. People are using selective hearing if they believe any of Romney's lies.
Quote:
Originally Posted by KathrynAragon
Right - a lot of garbled speech.
I disagree. I understood him perfectly. Aside from a missing period and an initial cap and minor typo, his post was clear to me. Your posts are generally worth reading. Why have you resorted to nitpicking a nonissue, instead of discussing his point?
[quote=carterstamp;26546243]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. If i remember right its for those married and 250k and above and single 100k and above. 90% of Americans fall below that.
Those trivial tax changes like one poster said wont make even make a .001 dent in the budget. They need a 10-20% across the board reduction in the 250 Federal agencies and departments that have doubled in size in the last decade. Give these unproductive regulatory agencies and departments back to the states and keep the fat money hungry feds out of our lives.
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.
Do you realize that if Obama is elected middle class taxes will rise about $4,000 on average? Middle income earners will have a huge increase in take home pay with President Romney. Their tax rate will decrease by 20% and few of these folks have deductions over $25,000. Plus they will have a better chance of actually finding a job.
Wake up! Do any of you clueless people think Obama will have lower taxes that Romney?
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.
First off you don't know this...if Romney is elected hopefully he will close the loophole for the wealthiest people getting mortgage deductions-
For example:
Billy Ray Cyrus receives a $29,000-a-year tax break on a 467-acre, $6.5 million spread with a tree-topped hill near Thompson Station, Tenn.Williamson County records show Cyrus, who’s also lived at times in Los Angeles, holds separate farming greenbelts on six of seven parcels that comprise the 467-acre tract. By law, applications for greenbelt are supposed to be filed with the local Register of Deeds. Yet a check of records there revealed applications for just two of the six farming greenbelts, both from 1994, when the singer disclosed that he intended to raise corn, horses and cattle. He never did.
Tom Cruise did the same thing in Colorado as well as SEVERAL others which you can look up.
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. If i remember right its for those married and 250k and above and single 100k and above. 90% of Americans fall below that.
He didn't mention the income level the tax plan would cover. He threw out a figure, $25K as an illustration. Realistically, if the plan only targets those with an annual income of 250K and above, it won't pay for itself.
Thank you for your honest answer.
Last edited by carterstamp; 10-21-2012 at 11:57 AM..
Do you realize that if Obama is elected middle class taxes will rise about $4,000 on average? Middle income earners will have a huge increase in take home pay with President Romney. Their tax rate will decrease by 20% and few of these folks have deductions over $25,000. Plus they will have a better chance of actually finding a job.
Wake up! Do any of you clueless people think Obama will have lower taxes that Romney?
This is not about Obama, it's about Romney's tax plan. Romney has a 50% chance of winning this thing, as the latest polls show. I think it's an honest question, an one that his supporters need to consider.
And I never said I was an Obama supporter. We, as voters, need to hold these people accountable for what they say. If someone proposes a "plan" that would alter how we pay taxes, then can't or won't explain what that plan is, it behooves us, as voters to demand the nuts and bolts of that plan. He has a website, he can use it to inform people of just what his plan involves. As my father would say..easy peasy.
We've become a nation of lazy voters. We listen to the speeches, go to the rallys, listen to the sound bites and super pac ads, and we imagine ourselves as informed voters. It takes work to look into what these people are really about, and, to be honest, Romney is not very different from GWB, except that he is more articulate.
Last edited by carterstamp; 10-21-2012 at 11:54 AM..
First off you don't know this...if Romney is elected hopefully he will close the loophole for the wealthiest people getting mortgage deductions-
For example:
Billy Ray Cyrus receives a $29,000-a-year tax break on a 467-acre, $6.5 million spread with a tree-topped hill near Thompson Station, Tenn.Williamson County records show Cyrus, who’s also lived at times in Los Angeles, holds separate farming greenbelts on six of seven parcels that comprise the 467-acre tract. By law, applications for greenbelt are supposed to be filed with the local Register of Deeds. Yet a check of records there revealed applications for just two of the six farming greenbelts, both from 1994, when the singer disclosed that he intended to raise corn, horses and cattle. He never did.
Tom Cruise did the same thing in Colorado as well as SEVERAL others which you can look up.
If you want a loophole closed, how about the loophole that makes it more profitable, taxwise, for companies to outsource labor?
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It wont matter
