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Old 09-20-2012, 11:08 AM  
Mr. Laz Mr. Laz is offline
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Unless you are a millionaire, Romney plans on raising your taxes

"The study was conducted by researchers at the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute ....

What would that mean for the average tax bill? Millionaires would get an $87,000 tax cut, the study says. But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year."

http://www.taxpolicycenter.org/Uploa...Tax-Reform.pdf

http://www.washingtonpost.com/busine...COX_story.html
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Old 09-20-2012, 11:09 AM   #2
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Originally Posted by Laz View Post
"The study was conducted by researchers at the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute ....

What would that mean for the average tax bill? Millionaires would get an $87,000 tax cut, the study says. But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year."

http://www.taxpolicycenter.org/Uploa...Tax-Reform.pdf

http://www.washingtonpost.com/busine...COX_story.html

It's redistribution in another direction.
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Old 09-20-2012, 11:18 AM   #3
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Repost. Analysis is based on some imaginary tax plan that has never been endorsed by Romney.
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Old 09-20-2012, 11:21 AM   #4
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Originally Posted by Swanman View Post
It's redistribution in another direction.
Even if this thread were based on something real, your post would be untrue. Redistribution shouldn't be measured from the status quo. It ought to be measured from a baseline of everyone paying an equal share of the cost of government. Of of everyone paying an equal share of the cost of government after all transfer payments (both corporate and individual welfare) are eliminated.
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Old 09-20-2012, 11:35 AM   #5
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I'd be fine with everyone getting a tax raise and some restraints on Govt spending.
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Old 09-24-2012, 06:52 PM   #6
Mr. Laz Mr. Laz is offline
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Mitt Romney admits he’ll need to raise taxes on the middle class

Posted by Ezra Klein on September 24, 2012 at 8:59 am

On “60 Minutes” last night, Mitt Romney said it again. “I want to keep the current progressivity in the code. There should be no tax reduction for high income people.”
You’ve heard Romney say this — or some variant of it –dozens of times before. What’s changed since then is that Romney has admitted that his tax cuts, if they’re not going to add to the deficit, will have to increase taxes on people he defines as middle income and cut them on people he defines as high income.

Republican presidential candidate Mitt Romney. Evan Vucci/AP

Before we get to that admission, a quick refresher. Romney’s tax plan proposes to cut tax rates by 20 percent. That would cost trillions of dollars, and mean a particularly big tax cut for the rich.

But Romney promises his tax cut won’t cost anything, won’t raise taxes on the middle class, won’t cut taxes on the rich, and won’t end the tax breaks for savings and investment.

The Tax Policy Center, the gold standard in nonpartisan tax wonkery, looked at the tax cut and these promises and declared the proposal “not mathematically possible.” Since Romney doesn’t want to touch tax breaks for savings and investment like the capital gains cut — a position he reiterated last night on “60 Minutes” — there just isn’t enough money in the remaining tax breaks for people making over $250,000 to pay for their tax cuts.

For awhile, the Romney campaign had no answer to this. They just said they didn’t believe the Tax Policy Center — called it biased, even though it’s run by one of George W. Bush’s top economists.

Then, slowly, right-leaning economists and outlets began releasing their own studies showing that, if you made some really, really questionable assumptions, you could kinda sorta make Romney’s math look like it might add up. And so you might have heard Romney say this to David Gregory on “Meet the Press”:
The good news is that five different economic studies, including one at Harvard and Princeton and AEI and a couple at The Wall Street Journal all show that if we bring down our top rates and actually go across the board, bring down rates for everyone in America, but also limit deductions and exemptions for people at the high end, while you can keep the progressivity in the code, you could remain revenue neutral and you create an enormous incentive for growth in the economy.
The Harvard study was done by economist Martin Feldstein, and he makes a very important decision in his paper. He writes, “I think it is very reasonable to say that people in that high-income group” — by which means people making over $100,000 — “are not the ‘middle class.’”

And so, under really, really unrealistic assumptions, he shows that the math can kind of work, but that Romney’s policies would mean a really big tax increase for people making between $100,000 and $250,000 in order to pay for a big tax cut on people making more than $250,000. But that’s okay, because people making over $100,000 are not in the middle class.

And Romney has been all over the place trumpeting this study, saying this study shows his math works out. But then ABC’s George Stephanopoulos caught him out:
GEORGE STEPHANOPOULOS: Is $100,000 middle income?
MITT ROMNEY: No, middle income is $200,000 to $250,000 and less.
For the record, I’m actually with Feldstein on this one: I think it’s reasonable to say households making more than $100,000 are not middle income. But Romney disagrees with me, and with Feldstein.

So the study Romney is promoting — the one he says is the study you should be looking at — actually shows even under the most favorable assumptions possible, he’s going to have to raise taxes on the people he defines as the middle class. In saying that that study is credible, he has admitted he can’t make his tax promises add up. And yet he constantly, repeatedly says the opposite.

Romney has clearly calculated that there aren’t many people who read these analyses. If he just keeps saying his tax plan can cut taxes on the rich while cutting taxes on the middle class while not cutting taxes on the rich while not costing a dime, eventually, his version of this will come to be seen as the truth. And perhaps he’s right. But the numbers show what they show.
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Old 09-24-2012, 06:58 PM   #7
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Originally Posted by patteeu View Post
Repost. Analysis is based on some imaginary tax plan that has never been endorsed by Romney.
It's not imaginary that he thinks his paying a 14% tax rate is fair. But everyone else has to pay 20%-30%+.
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Old 09-24-2012, 07:14 PM   #8
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Originally Posted by patteeu View Post
Even if this thread were based on something real, your post would be untrue. Redistribution shouldn't be measured from the status quo. It ought to be measured from a baseline of everyone paying an equal share of the cost of government. Of of everyone paying an equal share of the cost of government after all transfer payments (both corporate and individual welfare) are eliminated.
Absolutely. If you're born retarded into a poor family with no opportunity, you should pay the same in as a guy like Mitt Romney who was born into wealth.

Brought to you by the mentality that's assuring 4 more years of Barrack Obama.
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Old 09-24-2012, 07:27 PM   #9
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Originally Posted by BigRedChief View Post
It's not imaginary that he thinks his paying a 14% tax rate is fair. But everyone else has to pay 20%-30%+.
Everyone? Do you believe this sort of left wing tripe?
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Old 09-24-2012, 07:32 PM   #10
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Everyone? Do you believe this sort of left wing tripe?
Okay, so I exaggerated. Let's go with the "average" person pays a 20%-30% tax rate.

The "average" tax rate for someone making $50K is 20%. Is it fair for Mitt is pay a 14% tax rate when Joe smith has to pay 20%?
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Old 09-24-2012, 07:37 PM   #11
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Originally Posted by Mr. Flopnuts View Post
Absolutely. If you're born retarded into a poor family with no opportunity, you should pay the same in as a guy like Mitt Romney who was born into wealth.

Brought to you by the mentality that's assuring 4 more years of Barrack Obama.
Mr no opportunity pays zero taxes, lives off of the system & smokes the finest weed around.
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Old 09-24-2012, 07:38 PM   #12
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Mr no opportunity pays zero taxes, lives off of the system & smokes the finest weed around.
Mother ****er eats T-Bone steak 4 times a week to.
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Old 09-24-2012, 07:41 PM   #13
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Mr no opportunity pays zero taxes, lives off of the system & smokes the finest weed around.
Sounds like you been hanging with Mr. no opportunity
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Old 09-24-2012, 07:44 PM   #14
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Sounds like you been hanging with Mr. no opportunity
I have been thinking the same thing for almost 4 years now. God you are smart
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Old 09-24-2012, 07:47 PM   #15
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Originally Posted by BigRedChief View Post
Okay, so I exaggerated. Let's go with the "average" person pays a 20%-30% tax rate.

The "average" tax rate for someone making $50K is 20%. Is it fair for Mitt is pay a 14% tax rate when Joe smith has to pay 20%?
Lets go with facts.

If my income is predominately dividends what is the current tax rate? And after standard deductions....well hey. Its the rate. 15%

You believe the average tax rate for one with 50 grand in gross income is 20% I believe you will find it is 15% and that is adjusted gross income...after standard deductions and such as home mortgage interest. This is for married filing jointly just as the Romneys would file.

Even a single filer would not reach over 28% till they make $178 and change...not 30%

So, try as you may, you are as full of shit as a Christmas Goose.

Standard deduction for MFJ is $11,900. Single Payer $5950.
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