Do you like Romney's plan to close the loop holes in the tax code?
The wealthy will pay the percentage they are suppose to when the loop holes are closed.
I do not like Romney's plan, because I have no idea what there plan is. They need to be specific. It makes me wonder if they even know yet?
Romney.com has a copy of his plan, look for the PDF copy. It has all of it.
No problem, thanks for your remarks.
The conept he is refering to is not unlike what we did in the early 80's where marginal rates were dropped and things like credit card interest among other things were no longer deductible. This created enormous capital formation and was some of the best work ever done in that area.
Essentially the details can't be explained because they'd have to be approved congressionally. So what ever deductions that are kept or eliminated will be part of a negotiation. However, they'll be something like for example a max cap on deductions of an arbitrary # of 20-30k. The percentage of total taxes collected by the wealthiest will not change very much since they in effect already pay nearly all the income tax collected by the treasury as it is. The goal is more simplicification of the tax system to move towards more efficiency. The reality is that no matter what the gov't does with the tax law they always collect 17-18% of GDP. That number over time is relatively constant.
Our problem in this country is not reveue collected. The Gov't takes in more than it needs. It simply spends too much. Regardless of how much comes in, congress always has and always will find a way to spend even more. However, an enormous amount of resources are wasted individually as well as at the corporate level attempting to manuver through a field of land mines in an overly complex tax system.
He has an actual plan? He'd need to disclose what loop holes he plans to close before I'd call it a plan.
by JaxsonRaine5 years ago
http://www.foxnews.com/politics/2012/08 … rker-wife/No words...
by Susan Reid5 years ago
The Gish Gallup. Who knew?http://www.dailykos.com/story/2012/10/0 … ish-Gallop
by yaswanthk3 years ago
Are more and more taxes and bigger government good for your country or only for politicians?
by Holle Abee5 years ago
McCain released two years of tax returns. Reagan released one. Romney has released two. It wasn't a big deal with McCain and Reagan. Why is it now?http://factcheck.org/2012/07/romney-and … precedent/
by Ralph Deeds5 years ago
http://www.nytimes.com/2012/10/19/opini … .html?_r=0"But Mr. Romney, it turns out, doesn’t have a plan; he’s just faking it. In saying that, I don’t mean that I disagree with his economic philosophy; I...
by Petra Vlah5 years ago
At the very specific question “what would you cut in terms of deductions like home mortgages, child allocation and charity contribution in order to reform the tax system and reduce the deficit”, Romney’s response...
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.