Closing Loopholes Would Allow Only a 4% Tax Rate Reduction

Aug 7, 2012
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If you currently have a mortage, beprepared to lose that deduction if Romney is elected. If you deduct for charitable contributes, gone and the same with deductions for state and local taxes. Of course, wealthy people don't really need these deductions but WE do. Again, shaft the middle classe!

ELECTORAL COLLEGE MAP AT LINK ALSO (290 O 239 R)

Closing Loopholes Would Allow Only a 4% Tax Rate Reduction

One of Mitt Romney's main campaign promises is that he would reduce tax rates by 20% and make up the lost revenue by eliminating deductions. Now the Joint Committee on Taxation, the official, nonpartisan scorekeeper on tax policy has issued a report on the subject. If Romney were to eliminate deductions for mortgage interest, charitable contributions, and state and local taxes, the amount of revenue recovered from them would allow the rates to be reduced only 4%, not 20%, from the rates that will be in effect next year if Congress does nothing. This would mean a top rate of 38% (vs. 35% now and 39.6% under Bill Clinton).

Democrats immediately seized on the report saying a 20% rate reduction would increase the deficit, something Romney opposes. Republicans attacked the report, saying there are other deductions that could be eliminated, such as employer-provided health insurance. Removing all these deductions, however is likely to generate massive opposition. It is doubtful that Congress could muster the will to pull it off.
 
Funny they weren't all up in arms when Obama was calling for this..
 
If you currently have a mortage, beprepared to lose that deduction if Romney is elected. If you deduct for charitable contributes, gone and the same with deductions for state and local taxes. Of course, wealthy people don't really need these deductions but WE do. Again, shaft the middle classe!

ELECTORAL COLLEGE MAP AT LINK ALSO (290 O 239 R)

Closing Loopholes Would Allow Only a 4% Tax Rate Reduction

One of Mitt Romney's main campaign promises is that he would reduce tax rates by 20% and make up the lost revenue by eliminating deductions. Now the Joint Committee on Taxation, the official, nonpartisan scorekeeper on tax policy has issued a report on the subject. If Romney were to eliminate deductions for mortgage interest, charitable contributions, and state and local taxes, the amount of revenue recovered from them would allow the rates to be reduced only 4%, not 20%, from the rates that will be in effect next year if Congress does nothing. This would mean a top rate of 38% (vs. 35% now and 39.6% under Bill Clinton).

Democrats immediately seized on the report saying a 20% rate reduction would increase the deficit, something Romney opposes. Republicans attacked the report, saying there are other deductions that could be eliminated, such as employer-provided health insurance. Removing all these deductions, however is likely to generate massive opposition. It is doubtful that Congress could muster the will to pull it off.

That's because you don't understand the concept of means testing. If you need a mortgage deduction, it doesn't mean that someone making five million dollars a year does. Of course loopholes can be closed for the very wealthy and it doesn't affect the middle class. A HUGE loophole can be farm deductions. Many Hollywood actors have show farms just for the deductions they provide.

If you really want a huge nonsense deduction, try looking at what an alpaca ranch provides. Raising alpacas is 95% tax deduction. A herd of Alpacas is four animals. Three females and one male is a foundational herd and there is a 95% tax deduction across the board. We can close that loophole without any problem at all.
 
If you currently have a mortage, beprepared to lose that deduction if Romney is elected. If you deduct for charitable contributes, gone and the same with deductions for state and local taxes. Of course, wealthy people don't really need these deductions but WE do. Again, shaft the middle class!

ELECTORAL COLLEGE MAP AT LINK ALSO (290 O 239 R)

Closing Loopholes Would Allow Only a 4% Tax Rate Reduction

One of Mitt Romney's main campaign promises is that he would reduce tax rates by 20% and make up the lost revenue by eliminating deductions. Now the Joint Committee on Taxation, the official, nonpartisan scorekeeper on tax policy has issued a report on the subject. If Romney were to eliminate deductions for mortgage interest, charitable contributions, and state and local taxes, the amount of revenue recovered from them would allow the rates to be reduced only 4%, not 20%, from the rates that will be in effect next year if Congress does nothing. This would mean a top rate of 38% (vs. 35% now and 39.6% under Bill Clinton).

Democrats immediately seized on the report saying a 20% rate reduction would increase the deficit, something Romney opposes. Republicans attacked the report, saying there are other deductions that could be eliminated, such as employer-provided health insurance. Removing all these deductions, however is likely to generate massive opposition. It is doubtful that Congress could muster the will to pull it off.

How many times do Romney and Ryan keep having to say the elimination of deductions applies for the upper percent and not to the middle class.
This is the whole idea behind it, reductions of taxes for small businesses and middle class so that they can grow. That brings in more revenue.
The elimination of deductions would be for large corporations and the rich. It would make it so that GE would pay taxes again instead of zero. This is a good thing not a bad thing.
 
If you currently have a mortage, beprepared to lose that deduction if Romney is elected. If you deduct for charitable contributes, gone and the same with deductions for state and local taxes. Of course, wealthy people don't really need these deductions but WE do. Again, shaft the middle class!

ELECTORAL COLLEGE MAP AT LINK ALSO (290 O 239 R)

Closing Loopholes Would Allow Only a 4% Tax Rate Reduction

One of Mitt Romney's main campaign promises is that he would reduce tax rates by 20% and make up the lost revenue by eliminating deductions. Now the Joint Committee on Taxation, the official, nonpartisan scorekeeper on tax policy has issued a report on the subject. If Romney were to eliminate deductions for mortgage interest, charitable contributions, and state and local taxes, the amount of revenue recovered from them would allow the rates to be reduced only 4%, not 20%, from the rates that will be in effect next year if Congress does nothing. This would mean a top rate of 38% (vs. 35% now and 39.6% under Bill Clinton).

Democrats immediately seized on the report saying a 20% rate reduction would increase the deficit, something Romney opposes. Republicans attacked the report, saying there are other deductions that could be eliminated, such as employer-provided health insurance. Removing all these deductions, however is likely to generate massive opposition. It is doubtful that Congress could muster the will to pull it off.

How many times do Romney and Ryan keep having to say the elimination of deductions applies for the upper percent and not to the middle class.
This is the whole idea behind it, reductions of taxes for small businesses and middle class so that they can grow. That brings in more revenue.
The elimination of deductions would be for large corporations and the rich. It would make it so that GE would pay taxes again instead of zero. This is a good thing not a bad thing.

GE donates to obama's campaign so it's okay.
 
If you currently have a mortage, beprepared to lose that deduction if Romney is elected. If you deduct for charitable contributes, gone and the same with deductions for state and local taxes. Of course, wealthy people don't really need these deductions but WE do. Again, shaft the middle classe!

ELECTORAL COLLEGE MAP AT LINK ALSO (290 O 239 R)

Closing Loopholes Would Allow Only a 4% Tax Rate Reduction

One of Mitt Romney's main campaign promises is that he would reduce tax rates by 20% and make up the lost revenue by eliminating deductions. Now the Joint Committee on Taxation, the official, nonpartisan scorekeeper on tax policy has issued a report on the subject. If Romney were to eliminate deductions for mortgage interest, charitable contributions, and state and local taxes, the amount of revenue recovered from them would allow the rates to be reduced only 4%, not 20%, from the rates that will be in effect next year if Congress does nothing. This would mean a top rate of 38% (vs. 35% now and 39.6% under Bill Clinton).

Democrats immediately seized on the report saying a 20% rate reduction would increase the deficit, something Romney opposes. Republicans attacked the report, saying there are other deductions that could be eliminated, such as employer-provided health insurance. Removing all these deductions, however is likely to generate massive opposition. It is doubtful that Congress could muster the will to pull it off.

Again, Democrats want to pretend there will be 0 Revenue Generated from New Economic Growth.

Which is really funny when you consider that when they calculated how much Obama care was going to cost. They didn't forget to factor in extremely Optimistic Economic Growth Forecasts.

Sorry but the Age in which Either side can use Bogus Numbers and False assessments and expect real success from it, is over.

The Access to Information has changed things.
 

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