Can someone explain Romny's tax plan?

[imagep]

He says "the top 5% will continue to pay 60% of our income taxes", and "tax cuts for the middle class", so if the wealthy will continue to pay the same amount, and the middle class get tax cuts, then who pays for the middle class tax cuts? The poor who's tax rates will also be cut by 20% and who will not loose any tax deductions? Unless I am missing something, the math isn't there.

And isn't that contrary to the conservative mantra of "cut taxes for the job creators" (assuming that job creators are the wealthy)? "I'm going to cut tax rates, but don't expect any tax cuts because I am going to lower tax deductions". Well I am all for simplifying the tax code, but if the net result is neutral, then we haven't really done much. If lower effective taxes result in economic growth, then why isn't Romney suggesting lower effective taxes.

And has Romny actually suggested anything that will actually improve our economy?

Looks to me that he is simply suggesting more of the same. At this point, since the republicans have turned moderate, and since the democrats are trying their best to appear to be moderate, there is no difference what-so-ever. If all we are getting is more of the same, then why in the heck should I vote for him? Or even bother to vote?

 

[PeteEU]

For all the details on Mitt Romney's 5 trillion dollar tax plan visit ROMNEYTAXPLAN.COM

this site explains it all!

 

[straykatz]

He says "the top 5% will continue to pay 60% of our income taxes", and "tax cuts for the middle class", so if the wealthy will continue to pay the same amount, and the middle class get tax cuts, then who pays for the middle class tax cuts? The poor who's tax rates will also be cut by 20% and who will not loose any tax deductions? Unless I am missing something, the math isn't there.

And isn't that contrary to the conservative mantra of "cut taxes for the job creators" (assuming that job creators are the wealthy)? "I'm going to cut tax rates, but don't expect any tax cuts because I am going to lower tax deductions". Well I am all for simplifying the tax code, but if the net result is neutral, then we haven't really done much. If lower effective taxes result in economic growth, then why isn't Romney suggesting lower effective taxes.

And has Romny actually suggested anything that will actually improve our economy?

Looks to me that he is simply suggesting more of the same. At this point, since the republicans have turned moderate, and since the democrats are trying their best to appear to be moderate, there is no difference what-so-ever. If all we are getting is more of the same, then why in the heck should I vote for him? Or even bother to vote?

I'm with you on this one. I still don't know how this plan is going to benefit me (the middle class).....if I pay 20% less in tax but lose my mortgage and education deductions then how do I fair better off?.....it doesn't add up to me.

What I heard was no tax on capital gains.....I have no capital gains which is probably the case for most average middle class.....does this mean Romney's 13% tax on his investments now becomes 0% taxable?

 

[Tettsuo]

You guys are missing the genius of his plan.

He'll give you 5 dollars in tax cuts, then remove 7 dollars in deductions.

Aren't you happy you're getting a tax cut!?

 

[CedarBear]

I'm with you on this one. I still don't know how this plan is going to benefit me (the middle class).....if I pay 20% less in tax but lose my mortgage and education deductions then how do I fair better off?.....it doesn't add up to me.

What I heard was no tax on capital gains.....I have no capital gains which is probably the case for most average middle class.....does this mean Romney's 13% tax on his investments now becomes 0% taxable?

My understanding is $200,000 annual income and below pay no capital gains.

Tax plans don't lend themselves to sound bites.

 

[Fisher]

First most people won't lose their deductions because I doubt most people in the middle class take $20K total in deductions each and every year. As for the wealthy, his intent is that by lowering their rate but eliminating or capping their deductions, then it will create more revenue. Ex: If I were in the 35% range but take $200K in deductions then that 35% gets applied to a much lower Adjusted Gross or might put me in a lower than 35% rate, but if they take away the deductions and lower the rate, then I will likely pay more on the bottom line than I do under the current scheme because I am less likely to be able to drop into lower rate brackets without all those deductions/credits.

As for cap gains, it may not help the middle class everyday, but it will when property is sold or stocks and bonds are sold. There is no point putting money in a savings account as you are lucky to get 1% and that is less than inflation.

 

[wolfman24]

Here is something to consider. According to NBC news, a senior Romney advisor who did not want his name given was asked this simple question "Name one tax loophole that your candidate will close if he is elected". The Romney person could not answer the question.

 

[wolfman24]

Romney has not tax plan! He will continue to bob and weave until the election hoping the American people are stupid enough to believe what he says lately rather than what he has done or said in the past.

 

[Mithros]

Romney's tax plan:

We're going to give you a 20% across the board tax cut. The top 1% is also going to get a tax cut, I mean they won't...will, won't... will won't. Is this the general or the primary, I get confused. Do you see how the President injects class warfare into everything?

Let me start again: I'm going to cut the rate for small businesses and pay for it by closing deductions so that they pay the same, but can keep more of what they own.

It's common sense. I mean, how can anyone not understand.... HOLY CRAP LOOK A SQUIRREL!!!!

 

[Green Balls]

http://www.debatepolitics.com/2012-us-presidential-election/139842-romney-plan-detail.html

 

[johnny_rebson]

Here is something to consider. According to NBC news, a senior Romney advisor who did not want his name given was asked this simple question "Name one tax loophole that your candidate will close if he is elected". The Romney person could not answer the question.

Why should Romney or Ryan answer such questions when the liberals will use the answers to criticize the Romney/Ryan ticket?

 

[AdamT]

Why should Romney or Ryan answer such questions when the liberals will use the answers to criticize the Romney/Ryan ticket?

Because he's running for president? Because the point of having elections is to analyze the candidates' views?

 

[TurtleDude]

For all the details on Mitt Romney's 5 trillion dollar tax plan visit ROMNEYTAXPLAN.COM

this site explains it all!

that might have been funny the first three or four times someone posted it

 

[Bobcat]

Tax | Mitt Romney for President

 

[melons]

In my experience of completing tax returns for many "middle class" people. Most do not even realize that they don't even meet the requirements to itemize in the first place. They bring all their documentation and just assume that because they brought it that they meet the requirement to actually itemize. It doesn't appear that the average American even understands how the tax code works in their own situations much less in more complicated situations.

 

[Bobcat]

Because he's running for president? Because the point of having elections is to analyze the candidates' views?

or their record, tell us Adam, why doesn't obama want to talk about his record?

 

[Fletch]

Because he's running for president? Because the point of having elections is to analyze the candidates' views?

Sort of the way Obama and the press broke down into detail the meaning behind "Hope and Change" prior to the 2008 election.

As for Romneys tax plan, I have no idea what it is. What is important about it is that my taxes not go up. And if he enacts a plan in the context of reforming the code entirley, then that alone is enough reason to vote for him. Obama, on the other hand, has yet to lay out a single thing he would do in his second term. Strike that, yes he has. Raise taxes on the evil rich.

 

[jonny5]

He says "the top 5% will continue to pay 60% of our income taxes", and "tax cuts for the middle class", so if the wealthy will continue to pay the same amount, and the middle class get tax cuts, then who pays for the middle class tax cuts? The poor who's tax rates will also be cut by 20% and who will not loose any tax deductions? Unless I am missing something, the math isn't there.

And isn't that contrary to the conservative mantra of "cut taxes for the job creators" (assuming that job creators are the wealthy)? "I'm going to cut tax rates, but don't expect any tax cuts because I am going to lower tax deductions". Well I am all for simplifying the tax code, but if the net result is neutral, then we haven't really done much. If lower effective taxes result in economic growth, then why isn't Romney suggesting lower effective taxes.

And has Romny actually suggested anything that will actually improve our economy?

Looks to me that he is simply suggesting more of the same. At this point, since the republicans have turned moderate, and since the democrats are trying their best to appear to be moderate, there is no difference what-so-ever. If all we are getting is more of the same, then why in the heck should I vote for him? Or even bother to vote?

He is suggesting lower effective tax rates

•Make permanent, across-the-board 20 percent cut in marginal rates
•Maintain current tax rates on interest, dividends, and capital gains
•Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
•Eliminate the Death Tax
•Repeal the Alternative Minimum Tax (AMT)

And these suggestions will improve the economy. Which is why even democrats cut taxes when the economy is doing bad. Kennedy, Clinton, Obama have all done the same things as Reagan and Bush.

 

[The Barbarian]

Because he's running for president? Because the point of having elections is to analyze the candidates' views?

So is president Obama ...... so what is his plan ... detailed plan that we can look at after letting the Bush tax cuts expire .... errr maybe .. because he didn't let them expire in 2010 now did he ?
Shouldn't we see a detailed plan of Obama's as well???

 

[Risky Thicket]

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My understanding is $200,000 annual income and below pay no capital gains.

Tax plans don't lend themselves to sound bites.

Great! No capital gains on 200K or less. For the most part that's like giving the middle and lower classes the shirtsleeves out of a vest.

So the middle class still plays the market a lot? :roll:

Is the middle class often selling property? Not bloody likely.

 

[Risky Thicket]

He is suggesting lower effective tax rates

•Make permanent, across-the-board 20 percent cut in marginal rates
•Maintain current tax rates on interest, dividends, and capital gains
•Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
•Eliminate the Death Tax
•Repeal the Alternative Minimum Tax (AMT)

And these suggestions will improve the economy.

Will improve the economy for whom? By far, the changes will most directly benefit the 1%, will they not?

 

[Fruityfact]

Will improve the economy for whom? By far, the changes will most directly benefit the 1%, will they not?

The perpetuation of supple side never ceases for some reason...though over the past decade it's been shown to FAIL MISERABLY

 

[straykatz]

Why should Romney or Ryan answer such questions when the liberals will use the answers to criticize the Romney/Ryan ticket?

Whether it is critcized or not...shouldn't we the tax payers know exactly what they have planned for us?...and for those who don't question this I wonder why you don't?

 

[Fruityfact]

Whether it is critcized or not...shouldn't we the tax payers know exactly what they have planned for us?...and for those who don't question this I wonder why you don't?

B..B...Because Romney is a COMPLETELY trust worthy Wall Street Business man. He worked for many years in the RESPECTED practice of vulture capitalism.

 

[upsideguy]

Why should Romney or Ryan answer such questions when the liberals will use the answers to criticize the Romney/Ryan ticket?

Well, you either have a good argument or you don't. If you have a real plan, it stands to the scrutiny of questioning; if you do not have a real plan, you need to be vague and obtuse.

The guy is running for job of POTUS. A simple "trust me" is an insufficient answer to almost any question that might be asked of him. Anyone that buys a "trust me" answer should have their voter registration revoked.