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Old 09-06-2012, 12:46 AM  
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 09-08-2012, 05:17 PM   #16
HonestChieffan HonestChieffan is online now
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"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."


If only 95% of the people paid taxes, this would not be an issue. The OP and the Washington Post should be smart enough to discredit such a bullshit story when it uses such crap as support for the story.
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Old 09-08-2012, 05:25 PM   #17
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Romney spoke in Virginia Beach today and left people just stunned. He called for building 15 ships a year from the Navy's proposal of 9. He wants to build more every expensive F22's, he wants to add 100,000 more troops and not cut the defense budget which is now over 725 Billion annually, hundreds of billions more than any other nation on earth. How do you spell war?

This is far beyond a rational assessment of the nation's needs and the overwhelming desire of the public. I wonder if Benjamin Netanyahu has his tax returns in his desk.
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Old 09-08-2012, 05:31 PM   #18
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Originally Posted by Lightrise View Post
Romney spoke in Virginia Beach today and left people just stunned. He called for building 15 ships a year from the Navy's proposal of 9. He wants to build more every expensive F22's, he wants to add 100,000 more troops and not cut the defense budget which is now over 725 Billion annually, hundreds of billions more than any other nation on earth. How do you spell war?

This is far beyond a rational assessment of the nation's needs and the overwhelming desire of the public. I wonder if Benjamin Netanyahu has his tax returns in his desk.
Da boggy man wants a Navy
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Old 09-08-2012, 05:32 PM   #19
Mr. Flopnuts Mr. Flopnuts is offline
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What a great idea. Let's put a bigger burden on people who aren't getting raises, are facing higher inflation than normal, and have to deal with larger than normal increases on gas costs just to get back and forth to work. Never thought I'd vote for Obama again. I don't think I have a choice.
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Old 09-08-2012, 06:17 PM   #20
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Originally Posted by Mr. Flopnuts View Post
What a great idea. Let's put a bigger burden on people who aren't getting raises, are facing higher inflation than normal, and have to deal with larger than normal increases on gas costs just to get back and forth to work. Never thought I'd vote for Obama again. I don't think I have a choice.
Shocking. I never would have guessed.

There are way too many people in this country who aren't really poor but yet they feel entitled to pay less than an equal share of the nation's expenses. It's kind of disgusting.
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Old 09-08-2012, 06:19 PM   #21
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Shocking. I never would have guessed.

There are way too many people in this country who aren't really poor but yet they feel entitled to pay less than an equal share of the nation's expenses. It's kind of disgusting.
I've got bills to pay. Just like those guys seem to not give a shit about us, I don't really give a shit about them. Not my problem. Somehow I don't think they'll starve. And I'll tell you another thing, there isn't an issue in the world more important to me than my wallet. And apparently, that's something I do have in common with them.
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Old 09-08-2012, 06:24 PM   #22
Mr. Flopnuts Mr. Flopnuts is offline
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Record ****ing profits through downsizing and raising their own prices. They ****ing double dipped by ****ing us in the first place with all of the credit/housing bubble burst, no one is punished except the little guy through "stimulus", and now they're coming back for more. **** them. I'd love to see those ****heads go back to 90% for awhile. They think I'm greedy? That's rich.
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Old 09-08-2012, 06:24 PM   #23
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Originally Posted by Mr. Flopnuts View Post
I've got bills to pay. Just like those guys seem to not give a shit about us, I don't really give a shit about them. Not my problem. Somehow I don't think they'll starve. And I'll tell you another thing, there isn't an issue in the world more important to me than my wallet. And apparently, that's something I do have in common with them.
Yeah, we call it mooching when a guy pulls it at the bar with a group of friends.
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Old 09-08-2012, 06:26 PM   #24
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Yeah, we call it mooching when a guy pulls it at the bar with a group of friends.
Yeah, I'm not at the bar. And I don't give two shits what they think when it comes to providing for my family. Not even 1 shit. That will never change.
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Old 09-08-2012, 06:29 PM   #25
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Old 09-08-2012, 06:30 PM   #26
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I'm untrollable dude. But by all means, have at it. Can you get me a beer while you're up? No. Yours.
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Old 09-08-2012, 07:53 PM   #27
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Record ****ing profits through downsizing and raising their own prices. They ****ing double dipped by ****ing us in the first place with all of the credit/housing bubble burst, no one is punished except the little guy through "stimulus", and now they're coming back for more. **** them. I'd love to see those ****heads go back to 90% for awhile. They think I'm greedy? That's rich.
It's mooching when you have massive levels of abuse where certain people will game the government system and force honest taxpayers to pay for their fraud. And crooked unions who use taxpayer money to fuel corruption. As well as corrupt politicians.

I agree with you on the 1%. I want to see the income gap lessen. But there's two sides to this. If only the two sides would look in the middle instead of pretending one side is the problem but the other isn't.
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Old 09-08-2012, 08:32 PM   #28
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Originally Posted by patteeu View Post
Shocking. I never would have guessed.

There are way too many people in this country who aren't really poor but yet they feel entitled to pay less than an equal share of the nation's expenses. It's kind of disgusting.
Why should the rich get a big tax break and the middle class and the poor get their taxes raised?
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Old 09-08-2012, 08:35 PM   #29
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"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.
Why do you think this is a good thing? Why would I vote for a guy who is going to give millionaires tax breaks but raise my taxes?
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Old 09-08-2012, 08:53 PM   #30
patteeu patteeu is offline
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Why should the rich get a big tax break and the middle class and the poor get their taxes raised?
Why should the middle class continue to pay less than an equal share. And while paying less than an equal share, how can they complain about not getting even more of a break?
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