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  1. #1
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    Is this really Romney's tax plan?

    Not sure why I can't link to it (when I use the 'insert link' buttont he link doesn't work), but I read on my local Fox news site this morning about Romney's proposed changes to the tax code, and then it linked to a discussion of it at the Brookings Institute.

    They say the bottom line would be a reduction of taxes paid by those with high incomes (above $200,000) and an increase paid by those middle and lower income earners.

    Is he crazy? How can he possibly expect to get the support he'll need from the middle class to defeat Obama if this is his plan?

    The WORST part I saw was that those who earn $1 million or more will get an average cut of about $175,000 -- those earning $75,000 to $100,000 get a cut of about $1800 -- those earning less than $40,000 will pay $130 MORE!!

    I have some issues with Romney but am ready to vote for him, but this just blows my mind. Who is advising him on this? Are they trying to lose the election?

  2. #2
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    The man is a walking contradiction.
    I heard on Howard stern this morning 6 different clips from when he was governor of mass. saying he won't touch abortion laws and believes in the right to choose. Then this week he completely flips his story.
    He is the very definition of a politician.

    I feel genuinely sorry for you Americans this election season! No options at all.

  3. #3
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    Quote Originally Posted by syndicated View Post
    The man is a walking contradiction.
    I heard on Howard stern this morning 6 different clips from when he was governor of mass. saying he won't touch abortion laws and believes in the right to choose. Then this week he completely flips his story.
    He is the very definition of a politician.

    I feel genuinely sorry for you Americans this election season! No options at all.
    You learned from Howard Stern about US politics....well he did have fun with the Clinton/Lewinsky bit!
    Don't worry zombies are looking for brains, you're safe...

  4. #4
    The problem with the tax plan is that he doesn't give any details. The tax cut would be a tax cut for everyone. Where the tax increase comes in is that he says he will eliminate tax credits/breaks - but doesn't say which. So people figure that the worst way they can.

  5. #5
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    Atlanta area
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    Vacuum Technology:
    CRUD = Contamination Resulting in Undesirable Deposits.
    CRAPP = Contamination Resulting in Additional Partial Pressure.

    Change your vacuum pump oil now.

    Test. Testing, 1,2,3.

  6. #6
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    May 2000
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    Urbandale IA. USA
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    4,925
    I don't believe Romney is proposing ANY tax increase to the middle class.
    It appears to be smoke and mirrors from the democrats attempting to discredit Romney.
    .
    Those who dance, appear insane to those who do not hear the music.
    Those who believe, appear ignorant to those who do not know God.

  7. #7
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    Just think of it, who is paying by far the most amount of tax to keep your country afloat? Those making over $1M. Is that fair? Is that how your country became as prosperous as it has (in the past). No, to create wealth you have to unleash those that creates the wealth. If they have to pay less tax they will be more inclined to make more money (why bother making it if you just have to give it away). The rest of the population has been riding on their coattails and has been slowing them down. The tax plan makes sense.
    Never argue with a fool, onlookers may not be able to tell the difference. —Mark Twain

  8. #8
    Join Date
    Dec 2005
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    Quote Originally Posted by skip217 View Post
    Not sure why I can't link to it (when I use the 'insert link' buttont he link doesn't work), but I read on my local Fox news site this morning about Romney's proposed changes to the tax code, and then it linked to a discussion of it at the Brookings Institute.


    The WORST part I saw was that those who earn $1 million or more will get an average cut of about $175,000 -- those earning $75,000 to $100,000 get a cut of about $1800 -- those earning less than $40,000 will pay $130 MORE!!

    :

    I dont know the details of it. But those earning less than $40,000 probably wont really be paying more they just will be getting less of a refund. So instead of getting say a $4000 refund they might get $3870. The idea I think is to stop giving so many refunds and a credits that the country cant afford to.

  9. #9
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    Quote Originally Posted by printer2 View Post
    If they have to pay less tax they will be more inclined to make more money (why bother making it if you just have to give it away)..
    This seems to be a major misconception that a lot of people have with our taxes. There's no way you can earn more money and give so much of it away that you bring home less money, because it's a marginal tax rate. So whatever you took home whem you paid 14%, you'll still get that plus whatever is left after paying at the next level (or margin).

  10. #10
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    Quote Originally Posted by Space Racer View Post
    From that report:

    "Gov. Romney says that the reductions in tax breaks, in combination with moderately faster economic growth brought about by lower tax rates, will make the individual income tax changes revenue neutral..."

    This is a major problem in this plan, imho. Assuming faster economic growth from lower tax rates? Hasn't worked out so well recently...

  11. #11
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    Quote Originally Posted by skip217 View Post
    From that report:

    "Gov. Romney says that the reductions in tax breaks, in combination with moderately faster economic growth brought about by lower tax rates, will make the individual income tax changes revenue neutral..."

    This is a major problem in this plan, imho. Assuming faster economic growth from lower tax rates? Hasn't worked out so well recently...
    It doesn't work if the lower taxes aren't (relatively) permanent. Temporary tax cuts are like occasional tips. They're nice to have, but you can't plan your future around them.

    But lower taxes won't lead to a robust economy if Congress keeps spending beyond our means. The day Congress pulls out its chainsaw is the day the economy will do a 180. This nickel-and-dime lip service is for the birds.
    Vacuum Technology:
    CRUD = Contamination Resulting in Undesirable Deposits.
    CRAPP = Contamination Resulting in Additional Partial Pressure.

    Change your vacuum pump oil now.

    Test. Testing, 1,2,3.

  12. #12
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    Quote Originally Posted by skip217 View Post
    This seems to be a major misconception that a lot of people have with our taxes. There's no way you can earn more money and give so much of it away that you bring home less money, because it's a marginal tax rate. So whatever you took home whem you paid 14%, you'll still get that plus whatever is left after paying at the next level (or margin).
    Please reread the line.
    Never argue with a fool, onlookers may not be able to tell the difference. —Mark Twain

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