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

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[quote=Freeman][quote=Anonymous]Obama would preserve the Bush tax rates at the low end (10%, 15% and 25%) but raise the top two rates to [b]36% and 39.6%. [/b][/quote]

From 33% and 35%, a 3% or 4.6% increase. Assuming someone makes $250k, as you stated in the first paragraph of your post, this would result in a total tax increase of $0.00. How will those poor people ever survive that hardship? If you make twice that, $500k, the total increase would be around $9300, or approximately 1.8% of your income. Oh, the humanity.

[quote=Anonymous]Romney would also like to repeal the new health reform law. If he succeeds, that would mean a repeal of the 0.9 percentage point increase in the Medicare tax on high-income households called for under that law. [b] A .9% tax increase.[/b][/quote]

And how is he going to pay for the shortfall it will create in Medicare this will result in? More deficit spending? I'd rather be taxed now and avoid the interest payments later.

[quote=Anonymous]Obama: Would permanently adjust the AMT for inflation.
Romney:[b] Would abolish the AMT[/b]. [/quote]

Again, how is he going to make up for the revenue shortfall this will create? Adjusting it for inflation is what tax experts have wanted for a long time, and it should be done. Congress won't abolish it because it represents too much revenue.

[quote=Anonymous]Obama: Has proposed[b] limiting the value of itemized deductions and other tax breaks[/b] such as exclusions for those with [b]adjusted gross income over $200,000[/b]. Today, many filers in that group can deduct 33% or 35% of a qualified expense. Obama would limit that to 28%. THIS one is a real killer for us.[/quote]

So has Romney, except he hasn't given any specifics as to the exact numbers for income or which deductions or breaks he's referring to. He has to pay for his other cuts somewhere. Can you point to a source that definitely states this won't happen under Romney's plan? Since he hasn't said what his actual plan is, that may be difficult.

[quote=Anonymous]So under Obama your tax rate will go up 3% and another .9% and then you would lose your itemized deductions if you make over 200k% which is probably your mortgage. Add these all up and it is about a 4% tax hike and you will lose your itemized deductions. IT IS [b]SHOCKING[/b].

Romney is actually pledging to [b]LOWER [/b]the tax rate for everyone. Romney: Would reduce each of the Bush-era income tax rates by 20%. So the top rate would fall to 28% and the bottom rate would fall to 8%. Romney would also abolish the AMT, Obama would just extend it.

The above are only how it will affect families directly. Obama is proposing to increase capital gains and remove carried interest tax benefits for investment firms.  Ok great SCREW them right? Not so fast, guess who hires and creates new businesses that create private  jobs? The above people. Those same people are the ones that hire the above families. I know a lot of DCUMers and I would say about 30%-40% of area are on the government dole (government jobs, contractors etc...) but outside of this area the majority of jobs (85%) are in the private sector. So you can see the disconnect of washington vs the country.

http://www.gallup.com/poll/141785/gov-employment-ranges-ohio.aspx[/quote]

I'm all for lowering taxes, but our country simply can't afford it. You haven't answered any of my posts or addressed any of  my points though, so I doubt you will actually be able to back up your rhetoric with logic or facts.[/quote]

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