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View Diary: Romney says his tax cuts for individuals are for businesses, not for individuals (117 comments)

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  •  So Mitt's going to reduce everyone's tax rate but (22+ / 0-)

    take away all their deductions so it is revenue neutral, and this is going to spur the economy how?

    Slow thinkers - keep right

    by Dave the Wave on Wed Sep 26, 2012 at 08:39:44 AM PDT

    •  Didn't you watch "The Recording?" (12+ / 0-)

      Merely having His Awesomeness in charge of things as President will spur the economy to heights hitherto unforeseen.  Just because.  And stuff.

      We couldn't make this up if we tried.  

      Metaphors be with you.

      by koosah on Wed Sep 26, 2012 at 08:42:40 AM PDT

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    •  It will have a negative affect... (8+ / 0-)

      Right now, the deductions encourage one to buy a house, invest in college education, etc.  After those deductions are gone, the incentive will be to hoard money and invest in long term stable return funds.

      Why is Mitt Rmoney so happy that an American embassy was attacked? Why does he hate America?

      by RichM on Wed Sep 26, 2012 at 08:43:54 AM PDT

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      •  Not really... (4+ / 0-)

        That's part of the problem.  Right now,  there's nowhere to park money that will allow an average person to amass wealth.  This will never change until the re-instate Glass Steagall or it's equivalent.  There's an illusion you can park money in the market or in property but if your eyes are open you know that's a magic trick.  It's a sock with a hole in it and they can make that hole bigger any time they want to.  Saving money is a complete illusion in today's economy. Until regulations change,  the majority is encouraged to borrow and spend and those that can make money on that are in a "special" club.  You don't have access to the same "funds" they do in your 401K.  It's rigged.

        Size 7 1/4 Aluminum Picture Hat

        by fishhawk on Wed Sep 26, 2012 at 09:03:44 AM PDT

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    •  Screws over any 'protected' industries that the (7+ / 0-)

      tax code deductions were meant to support:
      • Children exemption
      • Home ownership

      Happy little moron, Lucky little man.
      I wish I was a moron, MY GOD, Perhaps I am!
      —Spike Milligan

      by polecat on Wed Sep 26, 2012 at 08:46:54 AM PDT

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    •  From the Rmoney teleprompter: (2+ / 0-)
      Recommended by:
      Sue B, roadbear
      “Here you are, gentlemen, this Ace of Hearts is the winning card. Watch it closely.
      “Follow it with your eye as I shuffle. Here it is, and now here, now here, and now—where?
      “If you point it out the first time, you win; but if you miss, you lose.
      “Here it is, you see; now watch it again. This Ace of Hearts, gentlemen, is the winning card.
      “I take no bets from paupers, cripples or orphan children. The Ace of Hearts.
      “It is my regular trade, gentlemen, to move my hands quicker than your eyes. I always have two chances to your one. The Ace of Hearts.
      “If your sight is quick enough, you beat me and I pay; if not, I beat you and take your money.
      “The Ace of Hearts; who will go me twenty? It is very plain and simple, but you can’t always tell. Here you are, gentlemen; the Ace, and the Ace. Who will go me twenty dollars?”
      “Up today, down tomorrow;
      Rich man’s luck and poor man’s sorrow…
      Maybe you win, maybe you lose—
      It all depends on what you choose.
      If you pick the queen, then you win…
      If you pick a black card—you play again…
      Find the Lady! Find the Lady!
      Cherchez la femme!”
      I posted the following this past Monday, after watching the 60 Minutes interview:
      I don't understand why the media hasn't asked Mr. 53% to explain his utterly illogical positions.  As Bill Clinton said, it comes down to one word: "arithmetic."

      1.  Romney's argument:  The only way to get the economy going is to give the "job creators" -- the upper 1% -- a tax cut.

      The rest is from the 60 Minutes interview:

      2. Romney says he's going to cut everyone's taxes.

         Pelley: What would the individual federal income tax rates be?

          Romney: Well, they would be the current rates less 20 percent. So the top rate, for instance, would go from 35 to 28. Middle rates would come down by 20 percent as well. All the rates come down.

      3.  But ...
        we're also going to limit deductions and exemptions, particularly for people at the high end. Because I want to keep the current progressivity in the code. There should be no tax reduction for high income people.
      So Romney's plan is "revenue neutral" -- and Romney admits the inescapable arithmetic:
         Pelley: The tax rate for everyone in your plan would go down.

          Romney: That's right.

          Pelley: But because you're going to limit exemptions and deductions, everybody's going to essentially be paying the same taxes.

          Romney: That's right. Middle income people will probably see a little break, because there'll be no tax on their savings.

      So if the job creators are going to be paying the same amount in taxes -- who cares what the rates are -- how is this plan an incentive for them to create more jobs?

      We must drive the special interests out of politics.… There can be no effective control of corporations while their political activity remains. To put an end to it will neither be a short not an easy task, but it can be done. -- Teddy Roosevelt

      by NoMoJoe on Wed Sep 26, 2012 at 09:05:11 AM PDT

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