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Well, I hope he cuts all deductions except the standard deduction.
People should not be given a tax break if they can buy a house or have children. It's an unnecessary shift to those who don't have children, or can't afford to buy.
Mitt Romney tells voters: If I'm elected, don't expect huge tax cuts
Mitt Romney tells voters: If I'm elected, don't expect huge tax cuts
Mitt Romney provided nuance to his proposed tax cuts, saying they must fit his goal of reducing federal deficits. But left unanswered is the question of how this will affect the middle class.
Mitt Romney says Americans shouldn't expect a big tax cut from him if he's elected president, because the nation also has to think about how to tame out-of-control federal deficits.
"Don't be expecting a huge cut in taxes, because I'm also going to be closing loopholes on deductions," Mr. Romney said Wednesday in Westerville, Ohio, flanked by a national debt clock, chronicling the nation's rising burden on future taxpayers.
The comments in some ways raise as many questions as they answer.
On one hand, they may be aimed in part at addressing skeptics who say Romney's tax plan is "mathematically impossible." He wants to lower the deficit by cutting spending while keeping tax revenues neutral. To do the latter, he would cut income tax rates across the board by 20 percent and make up the difference by eliminating some deductions and credits. Wednesday's comments could be a nod to the scope of those proposed deduction eliminations.
Yet, according to a recent independent analysis, such a plan could result in the unpopular prospect of a net tax decrease for the wealthy and a net tax increase for the middle class.
http://www.csmonitor.com/USA/Electio...=Google+Reader
Well, I hope he cuts all deductions except the standard deduction.
People should not be given a tax break if they can buy a house or have children. It's an unnecessary shift to those who don't have children, or can't afford to buy.
Paul Ryan: "I Don’t Have the Time," to Explain My Tax Plan
For much of the general election, the Romney campaign has avoided any discussion of specifics, especially when it comes to the tax plan that he and Paul Ryan have put forward. On Fox News Sunday, host Chris Wallace gave Ryan an opportunity to finally talk about the details of his plan to a national audience, how much it will cost and how the Romney administration would pay for it.
Instead, Ryan said he didn’t have time to get into the nuts and bolts of the proposal:WALLACE: So how much would it cost?Watch it:
RYAN: It’s revenue neutral…
WALLACE: No no, I’m just talking about cuts. We’ll get to the deductions, but the cut in tax rates.
RYAN: The cut in tax rates is lowering all Americans’ tax rates by 20 percent.
WALLACE: Right, how much does that cost?
RYAN: It’s revenue neutral.
[...]
WALLACE: But I have to point out, you haven’t given me the math.
Ryan: No, but you…well, I don’t have the time. It would take me too long to go through all of the math. But let me say it this way: you can lower tax rates by 20 percent across the board by closing loopholes and still have preferences for the middle class. For things like charitable deductions, for home purchases, for health care. So what we’re saying is, people are going to get lower tax rates.
Ryan has been the Republican vice presidential nominee for nearly three months, and has still not found the time to explain how a Romney administration would fund its tax plan of 20 percent deductions across the board. Perhaps that is because if he did, voters would balk at the cuts that would need to occur in programs like Medicare for the plan to remain revenue neutral.
Ryan’s refusal to talk specifics only lends further credibility to the various studiesand reports that have found time to do the math. And as ThinkProgress has reported, those studies from non-partisan organizations show that the Romney/Ryan tax plan would actually result in a huge tax cut for the wealthiest Americans. And the only way to keep it revenue neutral is to balance their plan on the backs of middle class families, who would see a tax increase of more than $2,000.
http://www.alternet.org/news-amp-pol...in-my-tax-plan
iow, (you 99% suckers must just) TRUST US (and we'll you hard, fast, and deep)
Probably cutting like my free golf carts.
LOL...
Do you really think he will cut the stuff he should?
Not and get it through the house and senate.
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