The country has a clear choice this election.
President Obama won the debate, but, I said that last time. He tells the truth, accepts his responsibility to the people and seeks the high road for all Americans. He said that over and over tonight.
The Former Governor paints a lot of pictures but never sets specifics.
I didn't notice something about Romney's ? Tax Plan ? that really bothered me.
Romney stated several times, "The Top 5% (of taxpayers) will continue to pay 60% of the tax burden of the country."
A couple of things, it was a put down to the 40% paid by others then the top 5% of citizens in the USA.
And.
When Romney states 60% of the tax burden he never assigns a dollar figure to that amount.
The Former one-term Governor of Massachusetts state 60%, but, 60% of what exactly? I have a very strong suspicion he intends to cut the AMOUNT of expenditures to the bone, not to pay down the national debt, but to provide a lower BUDGET for a lower tax burden for the country.
There is simply no way of knowing what Romney is stating when he talks about his tax policy, his reductions in deductions in the tax code and whether or not the $25,000 per tax return in the tax forms will be a solid standard that will uphold the current credits and deductions allowed today to the Middle Class.
See, the tax code today already has at least $25,000 in deductions. The former Governor is not increasing the deductions per tax return, he is decreasing it.
The Standard Deduction according to IRS From 1040A
Single or Married filing separately, $5,800
Married filing jointly or Qualifying widow(er), $11,600
Head of household, $8,500
Then depending on the number of exemptions on line 6d, there is an additional $3700 for each exemption.
So a family of four would be receiving $11,600 (based on that filing status) + $3700 multiplied by 4 if that is the number appearing on line 6d.
That total deduction is $11,600 + $14,800 = $26,400. Now if a family is only given $25,000 in deductions that means this family of four will be losing $1,400 in finding their taxable income.
So, the Romney Tax Plan continues to evade clarification with every time he speaks of it.
President Obama won the debate, but, I said that last time. He tells the truth, accepts his responsibility to the people and seeks the high road for all Americans. He said that over and over tonight.
The Former Governor paints a lot of pictures but never sets specifics.
I didn't notice something about Romney's ? Tax Plan ? that really bothered me.
Romney stated several times, "The Top 5% (of taxpayers) will continue to pay 60% of the tax burden of the country."
A couple of things, it was a put down to the 40% paid by others then the top 5% of citizens in the USA.
And.
When Romney states 60% of the tax burden he never assigns a dollar figure to that amount.
There is simply no way of knowing what Romney is stating when he talks about his tax policy, his reductions in deductions in the tax code and whether or not the $25,000 per tax return in the tax forms will be a solid standard that will uphold the current credits and deductions allowed today to the Middle Class.
See, the tax code today already has at least $25,000 in deductions. The former Governor is not increasing the deductions per tax return, he is decreasing it.
The Standard Deduction according to IRS From 1040A
Single or Married filing separately, $5,800
Married filing jointly or Qualifying widow(er), $11,600
Head of household, $8,500
Then depending on the number of exemptions on line 6d, there is an additional $3700 for each exemption.
So a family of four would be receiving $11,600 (based on that filing status) + $3700 multiplied by 4 if that is the number appearing on line 6d.
That total deduction is $11,600 + $14,800 = $26,400. Now if a family is only given $25,000 in deductions that means this family of four will be losing $1,400 in finding their taxable income.
So, the Romney Tax Plan continues to evade clarification with every time he speaks of it.
... the difference is romney is committing to a huge tax decrease (click here) and one that will hit the top as much as --
>> across the board, 20%.
>> it's a tax increase that would be weighted heavily to the wealthiest of americans.
>> tim , money and jobs and taxes are likely to dominate part of tonight's debate. your new article in " rolling stone " talks about the complex ways mitt romney reduces his tax burden via schemes like feeder funds and blocker funds. have we ever had a man run for president whose personal taxes are so labyrinthine.
>> it's not just that they're complicated. it's mitt romney has been in business with a global financial elite, which is trying to reduce their tax burden no matter how they can. so they set up some of these funds in the cayman islands that literally roll out the red carpet for tax cheats. i mean, have we ever had a presidential candidate who had that kind of history of helping tax evasion , helping rob the u.s. treasury ? i mean, this guy's playing by a completely different set of rules than the rest of us have to play by. our labor income gets taxed as labor income. his labor income gets taxed as an investment. it's a rigged system and romney never wants to lead a tax reformthat will continue that rigging out into the future....
The twenty percent tax cut is weighted far more heavily for the wealthy. 20% of $100,000 tax burden is far more than $10,000 tax burden or $1000 tax burden.
The 20% is what makes me wonder about what it going to happen so the upper 5% still only pays 60%.
See, their 'monies' paid to the USA Treasuries will be a lot less with 20% less to pay. So, what is the magic trick that keeps their 60% at the same amount of monies they pay today. It doesn't.
It is a slight of hand. 20% across the board will reduce all contributions by 20% so it will maintain the 60% of the upper 5% of taxpayers HOWEVER that does mean the upper 5% will be paying as much today into the USA Treasury as they do today. They won't. They will be paying far less than they are paying today, so where does all this work out to pay down the national debt and reduce our annual budget deficit?
The only place where all Romney's promises, including reducing our indebtedness on all fronts, is to cut all the deductions for education, home ownership, earned income credit, etc.
Even with all that $5 Trillion in tax cuts + $2 Trillion in military spending over today's level + $1 Trillion in maintained Bush Tax Cuts simply doesn't add up. There is nothing in Romney's tax plan creating a better circumstance for the Middle Class or the Poor, but, only the wealthy and his military cronies. More then likely, and even President Obama doesn't discuss this, as far as I am concerned, the $2 Trillion in military spending is about war, not about technology.
It is a slight of hand. 20% across the board will reduce all contributions by 20% so it will maintain the 60% of the upper 5% of taxpayers HOWEVER that does mean the upper 5% will be paying as much today into the USA Treasury as they do today. They won't. They will be paying far less than they are paying today, so where does all this work out to pay down the national debt and reduce our annual budget deficit?
The only place where all Romney's promises, including reducing our indebtedness on all fronts, is to cut all the deductions for education, home ownership, earned income credit, etc.
Even with all that $5 Trillion in tax cuts + $2 Trillion in military spending over today's level + $1 Trillion in maintained Bush Tax Cuts simply doesn't add up. There is nothing in Romney's tax plan creating a better circumstance for the Middle Class or the Poor, but, only the wealthy and his military cronies. More then likely, and even President Obama doesn't discuss this, as far as I am concerned, the $2 Trillion in military spending is about war, not about technology.
