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Skidmore

(37,364 posts)
Mon Sep 17, 2012, 08:02 AM Sep 2012

Romney's "20% tax cut for the middle class"

It needs some pushback. We have an ad running in Iowa on this claim while the ad also calls the President's tax plan a "lie."



http://www.jsonline.com/news/statepolitics/average-family-can-expect-same-tax-from-obama-unknown-from-romney-im6rd6d-169974536.html

Average family can expect same tax from Obama, unknown from Romney
By Jason Stein of the Journal Sentinel Sept. 16, 2012

Election 2012



snip

The question of how the two candidates would handle taxes is more than academic - at the end of this year, several major tax cuts are set to expire, and the question of whether to renew them or allow them to end has big implications for both taxpayers and the national debt.

snip

That's left Democrats, and to a lesser extent the Tax Policy Center, to argue that Romney's plan could actually raise taxes on both middle- and low-income families. The Romney campaign has strongly denied that but not given the specifics of the tax plan that might settle the question.

snip

To make up for the cuts above, Romney wants to simplify the tax code and end various tax exemptions and deductions but hasn't said which ones he would eliminate. Some of those exemptions are used by middle-income taxpayers, such as the home mortgage interest deduction, the charitable giving deduction, the exclusion for employer-provided health insurance and the deductions for state income and local property taxes.

The effect of ending some exemptions could be significant. An analysis by the Tax Policy Center has found that under Romney's plan, taxpayers making more than $200,000 a year would receive more money in the tax cuts already proposed by Romney than could be made up for by ending deductions for those taxpayers without affecting exemptions for investment.

That would mean Romney would either have give up some aspect of his plan, such as keeping overall revenue steady, which would add to the deficit, or he would have to raise taxes on lower- and middle-income taxpayers by eliminating some of their deductions.




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Romney's "20% tax cut for the middle class" (Original Post) Skidmore Sep 2012 OP
Has Romney settled any questions about his policies or his own taxes? liberal N proud Sep 2012 #1
Nope, but the ad is one of those strident and blatant lies that Skidmore Sep 2012 #2
Doesn't he think middle class = $250k a year or something gollygee Sep 2012 #3

Skidmore

(37,364 posts)
2. Nope, but the ad is one of those strident and blatant lies that
Mon Sep 17, 2012, 08:27 AM
Sep 2012

the ill-informed will tend to take it at face value when repeated enough.

gollygee

(22,336 posts)
3. Doesn't he think middle class = $250k a year or something
Mon Sep 17, 2012, 08:33 AM
Sep 2012

He might actually be giving those folks a big tax cut. I think the answer to this is his definition of middle class.

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