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Senior Advisor

5 trillion in tax cutsal

But they will be offset by ending some choice deductions. Home mortgage interest deductions. Boy that will hurt those multimillionaires. How many of those folks do your think have a home mortgage or pay interest on it? So who will it hurt? Middle class folks with a home mortgage plain and simple.

 

Eliminating capital gains tax and the estate tax. Who will that help Romney will pay no tax nor would people like him.  Benefit middle class folks? I don't think so because middle class folk's income is mostly earned income and a small percentage qualifies as capital gains and most would never be subject to estate taxes.

 

Mitt and his equals want a free ride under the guise of job creation. That is the bull crap Romney Ryan are trying sell the unsuspecting public. Somebody ought to challenge them.

9 Replies
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Veteran Advisor

Re: 5 trillion in tax cutsal

I disagree with eliminating Capital Gains, and Estate taxes.  However, I might be persuaded, to go along with a credit of some sort, for a company that employs new American workers.

 

Where did you hear, he wants to eliminate them completely?

Highlighted
Senior Contributor

Re: 5 trillion in tax cutsal

Kraft is like that mad old uncle we all have.  He makes these statments which usually end up true.

Highlighted
Veteran Advisor

Re: 5 trillion in tax cutsal

But that still doesn't answer, where he came up with it.  Is it an official stance?

Is it something that was said in back rooms, that the rest of us aren't supposed to hear?

Is it conjecture?  A guess? 

Unless there is evidence from somewhere, it is either conjecture, or an accusation, depending on how you look at it.

Highlighted
Veteran Advisor

Re: 5 trillion in tax cutsal

"Governor Romney has been very specific about the taxes he would cut. Most notably, he would reduce today’s individual income tax rates by one-fifth (so the 10 percent bracket would fall to 8 percent, the 35 percent to 28 percent, etc.) and reduce the corporate income tax rate from 35 percent to 25 percent. In addition, he would eliminate the alternative minimum tax (AMT), the estate tax, the taxes created in 2010’s health reform act, and taxes on capital gains, dividends, and interest for incomes up to $200,000 ($100,000 for singles)."

 

http://www.forbes.com/sites/beltway/2012/10/12/five-things-you-should-know-about-mitt-romneys-5-tril...

 

Only problem with his eliminating the estate and capital gains for people with incomes less than $200K and $100k for single people is that right now I believe the estate tax limit will go down to $1 million limit in 2013 and is currently $5 million.

 

http://wills.about.com/od/understandingestatetaxes/a/overviewfed.htm

Highlighted
Veteran Advisor

Re: 5 trillion in tax cutsal

Thanks for the link.

Highlighted
Veteran Advisor

Re: 5 trillion in tax cutsal

eliminating home interest deductions has been talked about for most of the last two decades. High time to do it, Why encourage people to borrow to buy a McMansion?

 

People that rent a house don't get a tax subsidy, let's level the field when it comes to fair taxes.

Highlighted
Veteran Advisor

Re: 5 trillion in tax cutsal

They also don't pay property tax that pays for their children's education in most states.  Let's make that fair!

Highlighted
Veteran Advisor

Re: 5 trillion in tax cutsal

Sure they do, Bart, not directly, but indirectly through the payments that the landlords make. It comes out of the rent dollars that are paid.

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Veteran Advisor

Re: 5 trillion in tax cutsal

BS!  Not directly.  I think they should pay something towards their school.  In NC you do.  It's called real property tax and is based on actual value of your possessions or 6 months of your rent.  Why should they get off scot free.  No good freeloaders!  You think they get a bill each month that says $300 rent and $30 real estate tax?  Why don't they get the gumption to own a house?