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View Diary: FLASH: Mitt knows nothing about business taxation (165 comments)

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  •  Speaking of double taxation: (6+ / 0-)
    WASHINGTON — Mitt Romney's budget plan would significantly raise income taxes for many families making between $100,000 and $200,000, analyses by leading Republican economists cited by the Romney campaign show.

    The Republican analyses were designed to rebut the Democratic charge that Romney's plan would "increase taxes for the middle class." The studies conclude that the plan could work as Romney has said, but that doing so would require eliminating all or most deductions and credits for households with income over $100,000. That would include wiping out such popular tax provisions as the deductions for mortgage interest, charitable contributions and state and local taxes.
    emphasis mine

    THAT is double taxation which the Romney plan happily imposes upon families that make between $100k-$200k, which he himself include in the definition of middle class.

    We should be contrasting this with what Mitt said last night.  Double taxation on gains (that affect rich people who do very little to earn them )? Bad.

    Double taxation on the wages of middle/upper middle class citizens who work? Good.

    Welcome to Mitt Romney's America.

    © grover

    So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

    by grover on Mon Sep 24, 2012 at 03:17:12 PM PDT

    [ Parent ]

    •  That would encourage limiting earnings (0+ / 0-)

      and might at some marginal level constitute a 100%+ tax!

      The 'genius' of the tax code is that - I believe - there is no provision that is so married to a particular number that the next dollar you earn (e.g., from 99,999 to 100k) costs you a dollar or more in taxes.

      Many income-level-related provisions are already sufficiently annoying to Californians in contrast to Georgians. A provision such as you suggest Romney would endorse could provoke secession.

      Am I right, or am I right? - The Singing Detective

      by Clem Yeobright on Mon Sep 24, 2012 at 04:03:53 PM PDT

      [ Parent ]

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