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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.
you have no idea what you are talking about. Would you like to tell us where you are getting your information? of course you wouldn't, because it is just speculation...Yes, we will all have to sacrafice, that is the way it works, and most of us realize this. We can not continue on the present path. I remember when we could no longer take our interest on CC off our taxes. It was a shock but no one died or went into orbit because of this. It was needed and justified. I will add, why should someone be able to deduct things like child care?
As I understand it, right now the plan and no one knows exactly what will be passed, the deductions will start with the top wage earners. Of course you also realize, this isn't up to the Pres in the first place; these changes have to go through both houses unless you are Obama. Then you just do what you want.
Clarify for me, how do you know the cap will be for high earners? And how do you know that it won't affect the middle class home owner?
In order to fund his tax cuts, Reagan did the same thing with Charitable contributions. He also got rid of Credit Card Interest Deductions, which did not affect the high earners as much as the lower income brackets.
Romney has not been up front on just how he's going to fund the tax cuts. Which makes me thinkl that it will not just affect the high earners, it will affect the votes he's going for, the middle class
IMHO, he has been deliberately vague on the subject, and that's a glaring red flag
The cc deductions was something I just mentioned: If you live with debt it isn't the governments fault. Why should we be able to deduct the interest rates? I look at it this way, I am the one that chooses not to pay off all my credit cards each month...I am the one that chooses to live beyond my means. Why should I get to deduct the interest?
You really don't know the high price at the gas pump is a huge tax on all of us? This tax hurts the poor big time. All the huge increases of food, etc is a tax and it doesn't hurt the rich as much as the poor but does this administration care about the poor? Not really.
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.
The number will be something that works with the lower tax rate that you will have. You keep leaving out the lower tax rate.
you have no idea what you are talking about. Would you like to tell us where you are getting your information? of course you wouldn't, because it is just speculation...Yes, we will all have to sacrafice, that is the way it works, and most of us realize this. We can not continue on the present path. I remember when we could no longer take our interest on CC off our taxes. It was a shock but no one died or went into orbit because of this. It was needed and justified. I will add, why should someone be able to deduct things like child care?
As I understand it, right now the plan and no one knows exactly what will be passed, the deductions will start with the top wage earners. Of course you also realize, this isn't up to the Pres in the first place; these changes have to go through both houses unless you are Obama. Then you just do what you want.
Romney won't specify what the cap is, doesn't that bother you? It should.
Is a tax increase ok, as long as your side does it? Yes, I agree, if the government is serious about reducing the deficit, then tax increases will have to be part of it.
The number will be something that works with the lower tax rate that you will have. You keep leaving out the lower tax rate.
No, look at my responses. If you file a 1040EZ, your taxes will decrease. If you're a homeowner, have student loans, child care expenses, etc., the cap on deductions could; and I have continued to say could, result in no change in your taxes, or an actual increase, because you will be getting less in refunds.
What bothers me is the lack of specifics. If this plan weill be so popular, then be up front with it.
You really don't know the high price at the gas pump is a huge tax on all of us? This tax hurts the poor big time. All the huge increases of food, etc is a tax and it doesn't hurt the rich as much as the poor but does this administration care about the poor? Not really.
No, it's not a tax, janelle, it's inflation. Oil prices went up which affects pretty much everything.
The cc deductions was something I just mentioned: If you live with debt it isn't the governments fault. Why should we be able to deduct the interest rates? I look at it this way, I am the one that chooses not to pay off all my credit cards each month...I am the one that chooses to live beyond my means. Why should I get to deduct the interest?
So--homeownership is living beyond your means? Seriously? Do you know that the refund people get because of that deduction goes, in large part, back into the economy? If you're ok with losing a part of one of the largest tax deductions Middle Class America has, then, by all means, vote for Romney.
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