Romney tax plan: tax increases for the middle class, tax cuts for the wealthy.

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I'm confused - Is Romney proposing to cut the various tax breaks the article references or are they assuming he will to fund the tax cuts?

Maybe Romney will fund the tax cuts by curbing military spending.... lol
 
It's really mind boggling when you hear that Romney is closing in on Obama or even surpassing him in the opinion polls. People are so fucking stupid.
 
It's things like this that makes me wonder how the election is even a competition.

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LegendofJoe said:
I don't see anything that mentions tax increases for the middle class.
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Poorly worded in the OP.


The report by the centrist Tax Policy Center found that Romney's tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000.
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Hey Romney, time to get proactive and attack Barack in his weak spot.

http://www.philly.com/philly/news/p...omneyadattacksobamasupportforautobailout.html

WASHINGTON - Mitt Romney is attacking President Barack Obama's support for the auto industry bailout in a new television ad.

The Republican presidential candidate is highlighting a General Motors dealer in Ohio forced to close in 2009. The ad blames the Obama administration for dealership closures across Ohio.

The spot is being released Wednesday, the same day Obama campaigns in Ohio.

The auto bailout was enacted by President George W. Bush in 2008 and continued under the Obama administration. Romney previously argued that the nation's auto companies should be left to go through bankruptcy without government assistance.

General Motors posted record profits last year.

The Romney campaign is also attacking Obama's comments about business creation on more than a dozen billboards in Orlando, Fla., where the president is set to campaign Thursday.
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http://www.youtube.com/watch?v=pf7Cxj5BZw8

Uh, maybe another weak spot?
 
teruterubozu said:
Yeah, I don't either - unless OP is talking about the tax exemption extension, but that's an issue after the elections.
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This article is a little clearer.

http://www.cbsnews.com/8301-503544_162-57484518-503544/study-romney-tax-plan-helps-rich-hurts-poor/

It found that even under that assumption, those making more than $1 million would see their after-tax incomes increased by more than 4 percent - with an average tax cut of roughly $87,000. To maintain revenue-neutrality, those earning less than $200,000 would have to see their after-tax income decreased by 1.2 percent, with an average tax increase of $500 per household.
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HamPster PamPster said:
I'm confused - Is Romney proposing to cut the various tax breaks the article references or are they assuming he will to fund the tax cuts?

Maybe Romney will fund the tax cuts by curbing military spending.... lol
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Historically speaking republican tax cuts are never entirely funded and are one of the top reasons the US deficit and debt is so high.
 
1984 said:
“It appeared that there had even been demonstrations to thank Big Brother for raising the chocolate ration to twenty grams a week. And only yesterday, he reflected, it had been announced that the ration was to be reduced to twenty grams a week. Was it possible that they could swallow that, after only twenty-four hours? Yes, they swallowed it.”
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A true visionary of future times that man George Orwell.
 
That's a terribly convoluted and poorly written article - with a sensationalist headline. I have literally zero way of knowing if its accurate based on the text of the article. A quick read of it seems to say its assuming that all tax breaks will be removed to fund this tax break.
 
I don't understand. In the article it says the plan is to cut income tax across the board by 20 percent.

So, wouldn't everyone benefit from this in some way? I get that the wealthy benefit disproportionately, but that's bound to happen anyway.
 
Maybe I'm stupid, but I don't see the logic is giving wealthy people a tax cut and increasing the taxes of those who actually stimulate an economy through their spending, etc.

What am I not seeing/understanding?
 
Speedymanic said:
Maybe I'm stupid, but I don't see the logic is giving wealthy people a tax cut and increasing the taxes of those who actually stimulate an economy through their spending, etc.

What am I not seeing/understanding?
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You're trying to find logic where there is none.
 
HamPster PamPster said:
I'm confused - Is Romney proposing to cut the various tax breaks the article references or are they assuming he will to fund the tax cuts?
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Romney says he will pay for the tax cuts by eliminating tax breaks, but won't tell anybody which tax breaks. The study in question assumes that he will cut the tax breaks that the lower and middle classes can't take advantage of -- in other words, the assumption most favorable to his plan. They also helpfully assume that the Republicans are right and the cuts will result in economic growth.

Speedymanic said:
Maybe I'm stupid, but I don't see the logic is giving wealthy people a tax cut and increasing the taxes of those who actually stimulate an economy through their spending, etc.

What am I not seeing/understanding?
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That the Republican party hates you personally.
 
Bombadil said:
I don't understand. In the article it says the plan is to cut income tax across the board by 20 percent.

So, wouldn't everyone benefit from this in some way? I get that the wealthy benefit disproportionately, but that's bound to happen anyway.
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The authors of the report are assuming Romney's tax cuts would be revenue neutral, meaning they'd have to be offset by eliminating tax exemptions. I haven't looked too deep into the report yet, but I haven't seen any mention of the possibility of using further spending cuts to pay for Romney's proposed income tax reduction. If that is not included as part of the analysis then I think it's probably best to ignore this report.
 
Speedymanic said:
Maybe I'm stupid, but I don't see the logic is giving wealthy people a tax cut and increasing the taxes of those who actually stimulate an economy through their spending, etc.

What am I not seeing/understanding?
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Well, this study attempts to figure out how Romney can promise/deliver on all these tax cuts and still not effect the deficit (as he promised).

The only way to do that is to sunset (end) a lot of tax breaks that the middle class benefit the most from.
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
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So, basically the big lie is that Romney can deliver a plan that is 'revenue neutral'.
 
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