The problem for Mitt Romney is that is too rich to run for President because he does not understand the Middle Class even a little. He went to private schools and no matter what he says now, he had everything he wanted from his parents and never went without. That idiocy that they lived in this basement apartment with nothing when her family was more wealthy than his says they will say anything to pander. I find Romney offensive, arrogant, rude, and says one thing to the people at his rallies and something else behind the scenes. Now he wants to throw 'zingers' in the debates and he thinks that will get him elected?
Find this idea of a $17,000 deduction insulting to my intelligence.
Mitt Romney Floats $17,000 Limit On Tax Deductions
Sahil Kapur
Under pressure to provide more details about his tax reform proposal, Mitt Romney floated an idea Tuesday to help fill a revenue hole in his plan.
“As an option you could say everybody’s going to get up to a $17,000 deduction; and you could use your charitable deduction, your home mortgage deduction, or others — your healthcare deduction. And you can fill that bucket, if you will, that $17,000 bucket that way,” Romney told a Fox affiliate in Denver. “And higher income people might have a lower number.”
In other words, cap the total amount individuals can benefit from tax loopholes.\
But while some tax policy experts like the idea in principle it suffers from at least one big political problem: though it would hit high net-worth people hardest, it would still require raising taxes on some middle class Americans to cover the cost of his proposal to cut everyone’s tax rates by 20 percent.
“It goes back to the same problem that we’ve raised,” says Howard Gleckman, an expert at the non-partisan Tax Policy Center, which famously concluded Romney’s tax plan would require raising taxes on middle-income earners. “He’s promised all these things and he can’t do them all. In order for him to cover the cost of his tax cut without adding to the deficit, he’d have to find a way to raise taxes on middle income people or people making less than $200,000 a year. This might do that, but without way more details than he’s providing there’s no way to know who gets hit and how much they get hit by.”
Romney’s deduction cap would help fill the revenue hole he’d create by slashing tax rates. And it would help him avoid the daunting politics of eliminating specific tax deductions. But it would still almost certainly violate the Republican nominee’s pledge not to raise taxes at all on middle-income earners. That’s because some middle class people who benefit disproportionately from existing tax deductions might end up paying more than they do now. But also because eliminating deductions for higher income people doesn’t raise enough money to pay for reducing their income tax rates by 20 percent. And that means the plan can’t be revenue neutral without raising taxes on middle-income earners.
Excerpt: Read More at TPMIs this what today's Republican Party has turned into? Refusing to acknowledge that an across the board tax cut including the wealthy is dumb, stupid, and not facing reality. Anyone with a brain knows this is a non-starter because the Democrats are looking out for the Middle Class as the GOP in 2012 has abdicated any sense of being for the Middle Class. I am tired of Grover Norquist and the people who support him because the wealthy should never have been given the cuts and loopholes of the Bush Tax Cuts which have sent the deficit higher while Romney and other wealthy people pay their 15% or less.
Bottom Line is that my taxes go up under this plan.
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