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No, it isn't. It's clear and concise, and not gleaned from an Obama talking point. It was a result of Romney's statements at the 2nd debate. Let me make it easy fior yiou. The Governor said:
And so, in terms of bringing down deductions, one way of doing that would be say everybody gets -- I'll pick a number -- $25,000 of deductions and credits, and you can decide which ones to use. Your home mortgage interest deduction, charity, child tax credit, and so forth, you can use those as part of filling that bucket, if you will, of deductions.
But your rate comes down and the burden also comes down on you for one more reason, and that is every middle-income taxpayer no longer will pay any tax on interest, dividends or capital gains. No tax on your savings. That makes life a lot easier.
The operative word, here, is EVERYBODY.
IF PASSED, it will limit the dollar amount of deductions you can take. And the worst case scenario here is that the reduction in tax rate for the middle class will be cancelled out by the dollar cap in deductions, or the dollar cap in reductions will result in an increased tax rate for the middle class.
And I never said I will vote for Obama, that's something you assumed...wrongly.
Again, what taxes are you talking about?
Let's just use that $25,000 in deductions as a cap, because that's all we have to work with right now.
Do you know what your deductions were last year? Were they anywhere close to, or over, $25,000? I don't know about you, but mine certainly weren't, and I filed deductions for my mortgage interest, our property taxes, that weird little work one (I think it was for $850 or something like that), the personal deductions for two people, and the charitable giving deduction. I may have even left some deductions out of this list. Like I said, the total was nowhere NEAR $25,000.
Just sayin'.
What I read is that deductions for SECOND HOMES, equity loans, homes over $500,000, that sort of thing, would probably be the ones done away with. Listen, if you've got a second home or a home worth over $500,000 then you can probably afford a reduction in your deductions. If not, you've overextended yourself.
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.
Paying off debt usually sucks and requires sacrifice. I think it's only fair that everyone share somewhat in that sacrifice, unless they are living at or under the poverty level.
I use standard deductions since I'm a renter and get the measly max of $2500 for student loan interest which only reduces my AGI and results in a net tax savings of about I don't $100 if that.
Why should I be forced to subsidize people getting mortgages and the real estate industry?
Let's just use that $25,000 in deductions as a cap, because that's all we have to work with right now.
Do you know what your deductions were last year? Were they anywhere close to, or over, $25,000? I don't know about you, but mine certainly weren't, and I filed deductions for my mortgage interest, our property taxes, that weird little work one (I think it was for $850 or something like that), the personal deductions for two people, and the charitable giving deduction. I may have even left some deductions out of this list. Like I said, the total was nowhere NEAR $25,000.
Just sayin'.
What I read is that deductions for SECOND HOMES, equity loans, homes over $500,000, that sort of thing, would probably be the ones done away with. Listen, if you've got a second home or a home worth over $500,000 then you can probably afford a reduction in your deductions. If not, you've overextended yourself.
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.
Paying off debt usually sucks and requires sacrifice. I think it's only fair that everyone share somewhat in that sacrifice, unless they are living at or under the poverty level.
The problem is the lack of specifics about the plan. The same people who are bloviating on the President's "biggest tax increase on the Middle class in History" are crowing about Romney's plan, which is deliberately vague.
Personally, I would go for the fair tax and eliminate the need for income tax entirely. No forms to fill out, no tax brackets, and everyone pays. I've always supported this plan, but, in reality, it hasn't got a chance in hell of passing.
And, yes, I agree that in order to seriously cut the deficit, 2 things need to happen: RAISE TAXES, and CUT SPENDING. However, in Washington, the attitude is "Not in My Back Yard."
The problem is the lack of specifics about the plan. The same people who are bloviating on the President's "biggest tax increase on the Middle class in History" are crowing about Romney's plan, which is deliberately vague.
Personally, I would go for the fair tax and eliminate the need for income tax entirely. No forms to fill out, no tax brackets, and everyone pays. I've always supported this plan, but, in reality, it hasn't got a chance in hell of passing.
And, yes, I agree that in order to seriously cut the deficit, 2 things need to happen: RAISE TAXES, and CUT SPENDING. However, in Washington, the attitude is "Not in My Back Yard."
So, we go on as usual.
I think that one of the reasons for the lack of specifics is because Romney has said repeatedly that he wants this to be a BIPARTISAN plan - unlike Obama, who came in and bogarted a decidedly partisan healthcare plan (among other plans) with absolutely no intention of any of those plans being bipartisan. This is one of the reasons why there is such a standoff between the two parties - there's been a decidedly blatant lack of mutual respect and a refusal to work together, and part of that stems from the strongarm tactics that Obama and that crazy eyed Pelosi used the first two years he was in office.
I really really hope that we can move past this stalemate REGARDLESS of who is our next President. This division and class warfare atmosphere is definitely counterproductive and many Americans are thoroughly sick of it - on both sides of the aisle.
I am not sure what part is unclear. Mitt Romney said that he would cap the deductions at 25k. That cap is very easy to to hit, without being a "high income earner". If you live in a location, such as Jersey, heck you hit 25k just on your property, state, local taxes alone.
So there are a lot of folks that earn 6 figures, between 100-400k or so, that easily surpass over 25k in deductions, and they would be SCREWED with Romneys tax plan.
Quote:
Originally Posted by theS5
Those same people would see a dramatic reduction in income tax paid.
Those same people would see their investment earnings grow because of capital gains reduction.
A mind is a terrible thing to waste.
Realistically, most families earning 100k, that have 2-3 kids, 1 or 2 in college DO NOT have capital gains. After paying for college,housing,putting in your 401k, there is hardly money left to invest. The only capital gains that they may see would be within their 401k mutual funds. And there is no way capital gains within mutual funds wont be taxed.
So, I still assert that Romney needs to give more specifics. It does not mean all will be passed, but he could at least lay out some details. For instance, if he said, we will get rid of interest deductions on second mortgages and vacation homes, I think that would probably meet little resistance. It wont raise a bunch of revenue, but its at least a start.
Realistically, most families earning 100k, that have 2-3 kids, 1 or 2 in college DO NOT have capital gains. After paying for college,housing,putting in your 401k, there is hardly money left to invest. The only capital gains that they may see would be within their 401k mutual funds. And there is no way capital gains within mutual funds wont be taxed.
So, I still assert that Romney needs to give more specifics. It does not mean all will be passed, but he could at least lay out some details. For instance, if he said, we will get rid of interest deductions on second mortgages and vacation homes, I think that would probably meet little resistance. It wont raise a bunch of revenue, but its at least a start.
I don't think he can pay for his plan by eliminating mortgage deductions on 2nd mortgages, vacation homes, etc. Nor can he pay for the plan by targeting high income brackets.
No, it isn't. It's clear and concise, and not gleaned from an Obama talking point. It was a result of Romney's statements at the 2nd debate. Let me make it easy fior yiou. The Governor said:
And so, in terms of bringing down deductions, one way of doing that would be say everybody gets -- I'll pick a number -- $25,000 of deductions and credits, and you can decide which ones to use. Your home mortgage interest deduction, charity, child tax credit, and so forth, you can use those as part of filling that bucket, if you will, of deductions.
But your rate comes down and the burden also comes down on you for one more reason, and that is every middle-income taxpayer no longer will pay any tax on interest, dividends or capital gains. No tax on your savings. That makes life a lot easier.
The operative word, here, is EVERYBODY.
IF PASSED, it will limit the dollar amount of deductions you can take. And the worst case scenario here is that the reduction in tax rate for the middle class will be cancelled out by the dollar cap in deductions, or the dollar cap in reductions will result in an increased tax rate for the middle class.
And I never said I will vote for Obama, that's something you assumed...wrongly.
Again, what taxes are you talking about?
YOUR reading comprehension must be out of practice because he did not say this was his tax plan, he clearly said, in your quote above, that ONE WAY that he could see it working was to give everybody a cap on deductions. And considering how HUGE that SAMPLE cap is, I don't think anyone should be worried about it EXCEPT those who are high earners... like the "millionaires and billionaires" Obama and the dems keep talking about.
Time and time again, Romney has explained that he has several ideas of how to make things work, but ultimately he has to convince congress, senate, and us! He'll have to work WITH everyone, no matter what their party is, to make it work. 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.... Obama's record clearly shows he can not!
I think that one of the reasons for the lack of specifics is because Romney has said repeatedly that he wants this to be a BIPARTISAN plan - unlike Obama, who came in and bogarted a decidedly partisan healthcare plan (among other plans) with absolutely no intention of any of those plans being bipartisan. This is one of the reasons why there is such a standoff between the two parties - there's been a decidedly blatant lack of mutual respect and a refusal to work together, and part of that stems from the strongarm tactics that Obama and that crazy eyed Pelosi used the first two years he was in office.
I really really hope that we can move past this stalemate REGARDLESS of who is our next President. This division and class warfare atmosphere is definitely counterproductive and many Americans are thoroughly sick of it - on both sides of the aisle.
People in Washington DC need to work for their country, not their political party.
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