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Old 09-05-2012, 11:46 PM  
Direckshun Direckshun is offline
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The Romney Tax Plan

Looks about how you'd expect it to.

Regressive, and applies direct tax pressure on the middle class, and at a time of historic inequality in this country, this plan furthers it.



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

Study: Romney tax plan would result in cuts for rich, higher burden for others
By Lori Montgomery
July 31

Mitt Romney’s plan to overhaul the tax code would produce cuts for the richest 5 percent of Americans — and bigger bills for everybody else, according to an independent analysis set for release Wednesday.

The study was conducted by researchers at the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute, who seem to bend over backward to be fair to the Republican presidential candidate. To cover the cost of his plan — which would reduce tax rates by 20 percent, repeal the estate tax and eliminate taxes on investment income for middle-class taxpayers — the researchers assume that Romney would go after breaks for the richest taxpayers first.

They even look at what would happen if Republicans’ dreams for tax reform came true and the proposal generated significant revenue through economic growth.

None of it helped Romney. His rate-cutting plan for individuals would reduce tax collections by about $360 billion in 2015, the study says. To avoid increasing deficits — as Romney has pledged — the plan would have to generate an equivalent amount of revenue by slashing tax breaks for mortgage interest, employer-provided health care, education, medical expenses, state and local taxes, and child care — all breaks that benefit the middle class.

“It is not mathematically possible to design a revenue-neutral plan that preserves current incentives for savings and investment and that does not result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers,” the study concludes.

Even if tax breaks “are eliminated in a way designed to make the resulting tax system as progressive as possible, there would still be a shift in the tax burden of roughly $86 billion [a year] from those making over $200,000 to those making less” than that.

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.

The Romney campaign on Wednesday declined to address the specifics of the analysis, dismissing it as a “liberal study.” Campaign officials noted that one of the three authors, Adam Looney of Brookings, served as a senior economist on the Obama Council of Economic Advisers. The other two authors are Samuel Brown and William Gale, both of whom are affiliated with Brookings and the Tax Policy Center.

“President Obama continues to tout liberal studies calling for more tax hikes and more government spending. We’ve been down that road before – and it’s led us to 41 straight months of unemployment above 8 percent,” said Romney campaign spokesman Ryan Williams. “It’s clear that the only plan President Obama has is more of the same. Mitt Romney believes that lower tax rates and less government will jump-start the economy and create jobs.”
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Old 09-05-2012, 11:47 PM   #2
Direckshun Direckshun is offline
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The study (pdf):

http://www.taxpolicycenter.org/Uploa...Tax-Reform.pdf
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Old 09-08-2012, 09:00 AM   #3
Comrade Crapski Comrade Crapski is offline
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I don't believe there has been one nation in the history of mankind that has taxed itself into prosperity.
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Old 09-08-2012, 09:43 AM   #4
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Or spent its way to prosperity.

Deficit spending is just another form of taxation, government devaluing personal assets.

And your article from July makes a big leap in its understanding of what Romney is proposing. The problem for Romney is he refuses to fill in the blanks regarding the "reform" which is bad on him, but you can't reach the conclusions this group reached without making short-term assumptions in a 10-year budget.

I reaffirm my hatred for baseline budgeting and every "reform" that shows up in years 9 and 10.
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Old 09-08-2012, 09:45 AM   #5
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Quote:
Originally Posted by RINGLEADER View Post
Deficit spending is just another form of taxation, government devaluing personal assets.
Deficit spending is how you get out of recessions.
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Old 09-08-2012, 09:50 AM   #6
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Quote:
Originally Posted by Direckshun View Post
Deficit spending is how you get out of recessions.
Ah, but there's the rub.

This government deficit spends irrespective of the health of the economy.

There's practical truth that deficit spending can "fill a void" during the short terms that economic slow-downs occur. Unfortunately, there's no upside to the economy when things are good.
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Old 09-08-2012, 10:06 AM   #7
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Quote:
Originally Posted by Direckshun View Post
Deficit spending is how you get out of recessions.
This type of crap, unfortunately, is what is taught in our universities, even some of the top ones but it's a big FAT lie. The spending, it is claimed, prevents a depression so instead we get a recession. So it creates a recession. However, it just prevents a true correction and leads to a new bubble, sometimes bigger than the last bubble, which eventually busts. So the new bubble is what you see as coming out of a recession. That's what our statist economics creates.
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Old 09-08-2012, 10:09 AM   #8
Direckshun Direckshun is offline
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Quote:
Originally Posted by RINGLEADER View Post
Ah, but there's the rub.

This government deficit spends irrespective of the health of the economy.

There's practical truth that deficit spending can "fill a void" during the short terms that economic slow-downs occur. Unfortunately, there's no upside to the economy when things are good.
That's fair.
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Old 09-08-2012, 10:12 AM   #9
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Quote:
Originally Posted by Direckshun View Post
Deficit spending is how you get out of recessions.
If you're going to use Keynesian economics to justify deficit spending, at least do some research on it. Keynes advocated deficit spending ONLY during recessions, and stated that governments should run surpluses at other times so that over the long haul the budget is balanced.

Are you finally admitting that we are still in a recession? Is it a good idea to raise taxes during a recession?
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Old 09-08-2012, 11:31 AM   #10
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Quote:
Originally Posted by Brainiac View Post
If you're going to use Keynesian economics to justify deficit spending, at least do some research on it. Keynes advocated deficit spending ONLY during recessions, and stated that governments should run surpluses at other times so that over the long haul the budget is balanced.
I don't dispute that.
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Old 09-08-2012, 11:31 AM   #11
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Are you finally admitting that we are still in a recession?
We're not in a recession any more, no.

That is statistically and evidentially false.
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Old 09-08-2012, 11:53 AM   #12
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Old 09-08-2012, 12:12 PM   #13
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I don't believe there has been one nation in the history of mankind that has taxed itself into prosperity.
Well I know one incredibly incompetent GW Bush who cut taxes to create insolvency.
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Old 09-08-2012, 12:17 PM   #14
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Well I know one incredibly incompetent GW Bush who cut taxes to create insolvency.
What does that make Obama?
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Old 09-08-2012, 01:10 PM   #15
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