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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhen do the Dems explain that Romeny's tax plan eliminates your mortgage interest deduction?
That right there is big medicine, a real kick in the gonads to the middle class. I was stunned when Obama failed to bring it up at the first debate, Mitt has already proposed a cap on about $15,000 of deductions. If you have kids and a mortgage, you are going to get slapped hard on this.
BlueStreak
(8,377 posts)and how that will be used to kill Medicare (not "Medicare as we know it" -- they are killing Medicare, period.)
It is a 15-year plan, but that's OK with the GOP. They have been trying to kill it for 60 years. They are OK with another 15.
BlueStreak
(8,377 posts)They have made a really half-assed attempt at that. They need to be 100 times more specific.
BlueStreak
(8,377 posts)It isn't JUST the added deficit. Much of that extra $200B will leave our shores immediately. That means more transfer of wealth from America to other countries with nothing in return. And what will Romney do with that added hardware? What countries is he planning to invade? Why is that ramp-up needed? And how will that make the average American any safer?
BlueStreak
(8,377 posts)This is the big loophole that allows the ultra rich to pay 15% or less, no matter how much money they make -- and NO PAYROLL TAXES AT ALL. This is the thing that has allowed Romney to always pay less than 15%.
And it is just wrong. Cap Gain was supposed to be used to encourage capital investment, mainly for manufacturing companies. Today it is mostly an abusive tax shelter.
And it affects the average American because this is a big reason why we are collecting only 16% of GDP while we are spending 24% of GDP. Nobody believes we can get below 20% of GDP on spending. As long as the rich don't pay their fair share, they will continue to bully the 99% to kill programs that are beneficial to all of us.
abumbyanyothername
(2,711 posts)In so far as it represents the fruits of labor, rather than actual money invested, should be taxed as ordinary income. Definitely.
BlueStreak
(8,377 posts)Stock options have become a way to launder executive income. This is as abusive as anything out there -- and a lot more pervasive. Virtually ever large corporation now uses this loophole to shift a substantial portion of executive compensation from salary to cap gains by way of fake stock options. They are fake because there is an understanding that if the value of the underlying stock goes down, the board will revalue the option to make sure the exec gets a big payday regardless of stock performance.
No risk at all to the exec.
It is just a big tax dodge.
standingtall
(2,785 posts)has the stones to tell Romney to have the courage to tell the American people exactly what tax exemptions he plans to eliminate before the election in a debate.
abumbyanyothername
(2,711 posts)As a realtor, I am still waiting for my National Association of Realtors to bring it up.
I get bombarded with email about "Keeping the American Dream Alive" (which I might or might not agree with) but absolutely no mention of the person or party who is the only one actually threatening to take away their vision of the American Dream.
Liberal_in_LA
(44,397 posts)Romney's plan will hurt the middle class
BlueStreak
(8,377 posts)that your tax rate would go down by 20%, so even if your deductions are capped you are still better off. Of course that is easy to say when he won't say what the limits would be.
spanone
(135,838 posts)BlueStreak
(8,377 posts)Lately he is almost as vague as Romney. He needs to "throw down" on Romney. When we hear him talk, the tone needs to be "Them's fightin' words"