I have a different take on the $25 K cap, namely that people of modest income should be thrilled, since it is unlikely to affect us. So we would get the 20% cut in our rates with no cut in our deductions. Meanwhile, someone like Romney would lose a major part of his deductions, although I don't have data to know whether it would cancel out the benefit of the rate cut for most high income people, as he claims.

But the real question is whether it would balance out the rate cut overall, to make the total effect of the changes revenue neutral. Based on what I have read, these numbers are too optimistic, and either the 20% figure or the $25 K figure (or some combination) would have to be lowered to get revenue neutrality, i.e. less of a rate cut and/or more of a cut in deductions.

Anonymous wrote:Loved Romney's point on getting $25K in tax deductions - seriously? How does the average American family relate to that?!

I agree, surprised Obama didn't respond...

Anonymous wrote:Wow.. Romney is going to win and there is nothing you can do about it.

Hahahaha, keep dreaming, my friend.

Anonymous wrote:Wow.. Romney is going to win and there is nothing you can do about it.

Snorted water up my nose.

Wow.. Romney is going to win and there is nothing you can do about it.

I loved some of the questions and hated others. The good questions were definitely better than the ones we got in the other presidential debate.

[quote=Anonymous]I assume it's sarcasm too. Cap gains tax is rising as of end of 2012 under the current president, which hurts the middle class and discourages savings. Just received a brochure from my college urging end of year transfer for appreciated stock because of the cap gains tax increase. Pretty darn clear to me which way Obama wants to redistribute the wealth.[/quote]

Where did you go, Rube University? When you transfer stock to a non-profit, you do not pay capital gains at all. So it doesn't matter when you transfer it.


Seriously, your university thinks you are financially illiterate and is taking advantage of you.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Loved Romney's point on getting $25K in tax deductions - seriously? How does the average American family relate to that?!

All of the middle class families are doing backflips b/c all of their interest income is going to be taxed at a lower rate.

I laughed out loud when he said that. Mitt is so out of touch with the working class. He just doesn't get it.

.

Well, yeah, but he has to say it. Mitt's ultimate goal is to get eliminate taxes on unearned income for all; dividends, capital gains, interest and (most importantly) inheritances. These changes will mean nothing to 90% of families but represent the vast majority of money among the super rich.

I maintain this is the most important (really the only) issue that Romney will stick to.

Anonymous wrote:

Anonymous wrote:Loved Romney's point on getting $25K in tax deductions - seriously? How does the average American family relate to that?!

All of the middle class families are doing backflips b/c all of their interest income is going to be taxed at a lower rate.

I laughed out loud when he said that. Mitt is so out of touch with the working class. He just doesn't get it.

[quote=Anonymous]I assume it's sarcasm too. Cap gains tax is rising as of end of 2012 under the current president, which hurts the middle class and discourages savings. Just received a brochure from my college urging end of year transfer for appreciated stock because of the cap gains tax increase. Pretty darn clear to me which way Obama wants to redistribute the wealth.[/quote]

Bullshit. Most middle-class people earn the vast majority of their income through work. And yeah, it IS time for some wealth re-distribution.

I assume it's sarcasm too. Cap gains tax is rising as of end of 2012 under the current president, which hurts the middle class and discourages savings. Just received a brochure from my college urging end of year transfer for appreciated stock because of the cap gains tax increase. Pretty darn clear to me which way Obama wants to redistribute the wealth.

Anonymous wrote:

Anonymous wrote:Loved Romney's point on getting $25K in tax deductions - seriously? How does the average American family relate to that?!

All of the middle class families are doing backflips b/c all of their interest income is going to be taxed at a lower rate.

I assume that is sarcasm. You might as well have told them that he's going to halve the yacht tax.

Anonymous wrote:Loved Romney's point on getting $25K in tax deductions - seriously? How does the average American family relate to that?!

All of the middle class families are doing backflips b/c all of their interest income is going to be taxed at a lower rate.

Loved Romney's point on getting $25K in tax deductions - seriously? How does the average American family relate to that?!

These should always be townhall. How are you different from Bush, Mittens?