Reply to What happens to families earning over 200k a year under Obama vs Romney, Results are SHOCKING

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[quote=Anonymous][quote=Anonymous]Finally, an un-bias and comparative article between Obama vs Romney Tax Plans.

Besides the high earner income tax changes, notice what is going to happen to investors capital gains which will affect start up and business investments.

You add all these small tax hikes up and they result in a large tax increase for those who hit the 200k a year threshold.

Imagine not being able to deduct your mortgage because you hit that 200k a year limit and maxed out deductions?

Overall no matter how much money you make, the best outcome will be the Romney tax plan which will slash lower end income taxes down to 8%. Romney's plan incentives investors to spend money and invest in companies because of the reduction in capital gains taxes which is good for the economy.

http://money.cnn.com/2012/09/07/news/economy/tax-obama-romney/index.html?iid=HP_LN[/quote]

Let's clarify a few things.

The 200,000 threshold is for individuals. For married couples it's $250,000.

That's TAXABLE income, not AGI.

And nothing says you can't deduct your mortgage interest. What Obama has proposed is a haircut on the deduction -- not a disallowance. For a married couple with taxable income of $260,000 and are in the 31% marginal tax bracket, it means the tax savings on their deduction would be worth 28%, not 31%. Considering the mortgage interest deduction skews its benefits up the income ladder, this isn't such  bad policy.

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