Mitt Romney's stance on taxation

Discussion in 'Election Forums' started by OohPooPahDoo, Oct 4, 2012.

  1. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    Mitt Romney's stance on taxation:

    I will lower taxes 20% across the board, and then pay for the tax cut by raising taxes.




    Way to go Mittens.
     
  2. Truthseeker420
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    Truthseeker420 Gold Member

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    The only deduction he mentioned on the chopping block was the mortgage and the individual both of which would hit the middle class hard...just more voodoo economics.
     
  3. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    To be fair the mortgage interest deduction does benefit those paying the highest rates the most.


    The point is that Mitt is hoping people won't catch on that elimination of deductions and credits = increased tax liability = more taxes. So he's going to pay for his tax cuts by raising taxes - literally.
     
  4. Katzndogz
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    Katzndogz Diamond Member

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    He never said that.

    Why do you think obama didn't bring this up during the debate? Because he didn't want to hear Romney once again say "I never said that".
     
  5. Truthseeker420
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    Truthseeker420 Gold Member

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    closing loopholes is raising taxes.
     
  6. VaYank5150
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    VaYank5150 Gold Member

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    $5 Trillion Tax Cut

    The president said Romney was proposing a $5 trillion tax cut and Romney said he wasn’t. The president is off base here — Romney says his rate cuts and tax eliminations would be offset and the deficit wouldn’t increase.

    Obama: Governor Romney’s central economic plan calls for a $5 trillion tax cut — on top of the extension of the Bush tax cuts.

    Romney: First of all, I don’t have a $5 trillion tax cut. I don’t have a tax cut of a scale that you’re talking about.

    To be clear, Romney has proposed cutting personal federal income tax rates across the board by 20 percent, in addition to extending the tax cuts enacted early in the Bush administration. He also proposes to eliminate the estate tax permanently, repeal the Alternative Minimum Tax, and eliminate taxes on interest, capital gains and dividends for taxpayers making under $200,000 a year in adjusted gross income.

    By themselves, those cuts would, according to the nonpartisan Tax Policy Center, lower federal tax liability by “about $480 billion in calendar year 2015” compared with current tax policy, with Bush cuts left in place. The Obama campaign has extrapolated that figure out over 10 years, coming up with a $5 trillion figure over a decade.

    However, Romney always has said he planned to offset that massive cut with equally massive reductions in tax preferences to broaden the tax base, thus losing no revenue and not increasing the deficit. So to that extent, the president is incorrect: Romney is not proposing a $5 trillion reduction in taxes.

    The Impossible Plan

    However, Romney continued to struggle to explain how he could possibly offset such a large loss of revenue without shifting the burden away from upper-income taxpayers, who benefit disproportionately from across-the-board rate cuts and especially from elimination of the estate tax (which falls only on estates exceeding $5.1 million left by any who die this year). The Tax Policy Center concluded earlier this year that it wasn’t mathematically possible for a plan such as Romney’s to cut rates as he promised without either favoring the wealthy or increasing the federal deficit.

    Except for saying that his plan would bring in the same amount of money “when you account for growth,” Romney offered no new explanation for how he might accomplish all he’s promised. He just repeated those promises in some of the strongest terms yet.
     
  7. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    He said he would pay for them by eliminating deductions and credits. Doing so increases the tax burdens of those they are eliminated on. That's a tax hike.
     
  8. VaYank5150
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    VaYank5150 Gold Member

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    Apparently, this is only a tax hike if a Democrat does it...:eusa_whistle:
     
  9. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    Yeah no fuckin shit.
     
  10. ItsjustmeIthink
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    ItsjustmeIthink Social Capitalist

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    Exactly. If Obama had been more detailed and perhaps cited the Tax Policy Center, I think he would have fared better. But he was so damn vague when it came to rebutting Romney, saying things like "sources say this/that" but never saying what those sources are or when they were created.
     

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