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View Diary: Romney Sr. Adviser demonstrates why Obama will DEMOLISH Mittens in the debates (346 comments)

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  •  The other day Romney said he wanted (8+ / 0-)

    to close loopholes "for the rich" and that he "absolutely would not increase middle class taxes."  It would be IMPOSSIBLE to eliminate the home mortgage deduction without increasing the tax liability of most if not all middle class Americans, even if you cut their marginal rates.  

    The closest Romney has come to giving specifics on closing loopholes is to mention the second home mortgage deduction.  But eliminating that deduction alone simply doesn't yield very much revenue, let alone enough revenue to make up for the lowering of rates.  The home mortgage interest deduction is where the money is.  But you simply can't eliminate it and keep middle class taxes liabilities even if you are also going to give huge tax breaks to the rich, cut or eliminate capital gains taxes, and increase the military budget.

    Like Bill Clinton said, "ARITHMETIC!"

    •  You can eliminate the home mortgage interest (6+ / 0-)

      deduction and to all those other things as long as you believe deficits don't matter, or more acurately, as long as you can sell to the public that deficits only matter as long as the President is a Democrat.

      And of course the goal of Romney is not to balance the budget, it is to transfer even more wealth from the middle class to the 1%.

      Republicans believe you need an ID to vote but you can donate millions to any candidate completely anonymously. (h/t jbou)

      by Calouste on Mon Sep 10, 2012 at 12:45:49 PM PDT

      [ Parent ]

      •  Right (2+ / 0-)
        Recommended by:
        Intellectually Curious, ssgbryan

        Reps will fall back on their tired bullshit about how their special brand of tax cuts results in magical economic growth, which in turn creates new tax revenues which far exceed the amount that taxes were cut by. Of course, they will insist that the taxes to be cut which create this mysterious magical transformation are corporate tax rates, capital gains tax rates and tax rates on the plutocrats.

        And as we all know, it is utter and complete bullshit. There is no such thing as a tax cut which spurs so much growth that it actually results in a net increase in tax revenues. There. Is. No. Such. Thing!

        "We see things not as they are, but as we are." - John Milton

        by Jasonhouse on Mon Sep 10, 2012 at 01:44:28 PM PDT

        [ Parent ]

        •  Seems simple to me -- (3+ / 0-)
          Recommended by:
          litigatormom, Calamity Jean, HCKAD

          Companies hire when they have a need ... and not a second before.

          Tax policy (with the exception, perhaps, of tax credits of hiring domestically vs. overseas which encourages US workers being hired) has very little to do with whether a company is going to hire an employee.  Companies will hire when (and only when) there is enough demand to require the extra help to fulfill orders to satisfy demand.  No company large or small hires out of the goodness of their heart (at least as a base towards a sustained economy) -- when business is booming, hiring will occur to satisfy need.  The Republicans are very good at ignoring these basic economics when it comes time for "Tax Cuts, Tax Cuts, Tax Cuts!!! Raahhh!!!"  Tax cuts, in and of themselves, have proven time and time again to NEVER increase hiring -- the only times that hiring has boomed during the last 30+ years of Reaganomics has been at the expense of debt, but I realize that this is too complicated for a bumper sticker -- and again, was because of increased demand (via government spending from deficit spending).

          I support tax policy (like pumping up the middle class cash flow via infrastructure spending during these times of low interest rates) that actually encourages hiring, which builds demand (the hired will spend, after all) but have absolutely no faith that generalized tax cuts to the "job creators" (whatever that means) will lead to the boom Romney-Ryan-Ayn Rand are selling.  I think the American voters are beginning to understand this equation, and the Republicans are running out of scare tactics to drive people to their side.

          The only force that can overcome an idea and a faith is another and better idea and faith, positively and fearlessly upheld. Dorothy Thompson.

          by Intellectually Curious on Mon Sep 10, 2012 at 04:56:22 PM PDT

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    •  But (1+ / 0-)
      Recommended by:
      Calamity Jean

      he DIDN'T say he would NOT change people's tax LIABILITY. The taxes to which they would be exposed would not change, only the amount of money on which they would be imposed.

      Keep UP

      Until inauguration day The USA is in the greatest danger it has ever experienced.

      by Deep Dark on Mon Sep 10, 2012 at 02:30:46 PM PDT

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    •  It sort of makes you think his real plan (5+ / 0-)
      Recommended by:
      frsbdg, Zinman, JanL, newfie, Calamity Jean

      is to cut taxes, ramp up the deficit, then take his money and run before the economy collapses. Sort of what Bain Capital did to the companies it took over with leveraged buy outs.

    •  That's so mind-boggling to me (1+ / 0-)
      Recommended by:
      Calamity Jean

      That would devastate the housing market, and construction, and just about kill what's left of the economy.  And what's left of the middle class.

      Once again, of course, they will protect their faithful constituency, grumpy seniors who've already paid off their mortgages

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