General Discussion

Z_California

(650 posts) Thu Oct 18, 2012, 04:45 PM Oct 2012

Romney "connects" with the middle class

With so many complete and utter FAILS for Romney in the second debate, this one kind of fell through the cracks. Trying to assuage the fears of the "middle class" over possible elimination of deductions for mortgage interest, state taxes, etc., he thought this would really make us horny:

"every middle-income taxpayer no longer will pay any tax on interest, dividends or capital gains. No tax on your savings. That makes life a lot easier. If you're getting interest from a bank, if you're getting a statement from a mutual fund or any other kind of investment you have, you don't have to worry about filing taxes on that, because there'll be no taxes for anybody making $200,000.00 per year and less, on your interest, dividends and capital gains. "

Yeah thanks Mitt. That would have saved me about $12 last year.

Completely. Out. Of. Touch.

18 replies

= new reply since forum marked as read

Highlight:

Romney "connects" with the middle class (Original Post) Z_California Oct 2012 OP

Since they would not be reported there would be no tax on them OVER $200,0000/yr. either Vincardog Oct 2012 #1

Aw damn! madashelltoo Oct 2012 #2

"If you're getting interest from a bank" Alright ! ... BlueJazz Oct 2012 #3

I made $0.49 interest last month on a $4000 money market account. central scrutinizer Oct 2012 #9

Look at it this way though. If someone put 40,000,000.00 in that account, she/he could make.. BlueJazz Oct 2012 #12

Why didn't I think to do that? central scrutinizer Oct 2012 #14

You should borrow it from your parents! Bozita Oct 2012 #17

WTF? ProfessionalLeftist Oct 2012 #4

The only way Willard wants to "connect" the lower classes hifiguy Oct 2012 #5

I could be wrong, but I think that either because my total income was below a certain limit, hedgehog Oct 2012 #6

Don't forget, he'll give you a $25,000 bucket! tarheelsunc Oct 2012 #7

yeah but PD Turk Oct 2012 #8

98% of America dreams of getting $200,000/year WITHOUT WORKING FOR IT. TahitiNut Oct 2012 #10

I was rolling on the floor laughing at that. Blue_In_AK Oct 2012 #11

Yeah, I don't know about you, but most middle class families I know are crushed by taxes on capital Maven Oct 2012 #13

Thank you! I thought the same thing. No interest on capital gains means nothing to me! MatthewStLouis Oct 2012 #15

Too, too funny donna123 Oct 2012 #16

Thanks Mittens! That .01% interest Wells Fargo pays out on passbook savings is really myrna minx Oct 2012 #18

Vincardog

(20,234 posts)

1. Since they would not be reported there would be no tax on them OVER $200,0000/yr. either

Reply to Z_California (Original post)

Thu Oct 18, 2012, 04:52 PM

Oct 2012

Self dealing self serving bastid

madashelltoo

(1,698 posts)

2. Aw damn!

Reply to Z_California (Original post)

Thu Oct 18, 2012, 04:53 PM

Oct 2012

I left my interest, dividends and capital gains in my old coat pocket I put on the trash ten years ago.

BlueJazz

(25,348 posts)

3. "If you're getting interest from a bank" Alright ! ...

Reply to Z_California (Original post)

Thu Oct 18, 2012, 04:58 PM

Oct 2012

...my bank pays HUGE interest rates on savings. .02 percent.

central scrutinizer

(11,648 posts)

9. I made $0.49 interest last month on a $4000 money market account.

Reply to BlueJazz (Reply #3)

Thu Oct 18, 2012, 05:15 PM

Oct 2012

I would hate to have to pay 28% of that in taxes! Thanks, Mitt!

BlueJazz

(25,348 posts)

12. Look at it this way though. If someone put 40,000,000.00 in that account, she/he could make..

Reply to central scrutinizer (Reply #9)

Thu Oct 18, 2012, 05:35 PM

Oct 2012

...4900 bucks. (Choke)

central scrutinizer

(11,648 posts)

14. Why didn't I think to do that?

Reply to BlueJazz (Reply #12)

Thu Oct 18, 2012, 06:55 PM

Oct 2012

Oh, I forgot, I don't have 40,000,000.00

Bozita

(26,955 posts)

17. You should borrow it from your parents!

Reply to central scrutinizer (Reply #14)

Thu Oct 18, 2012, 10:25 PM

Oct 2012

Mitt could have told you that!

ProfessionalLeftist

(4,982 posts)

4. WTF?

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:02 PM

Oct 2012

That shit wouldn't save me or anyone I know a damn nickel NOTHING.

hifiguy

(33,688 posts)

5. The only way Willard wants to "connect" the lower classes

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:03 PM

Oct 2012

is to plug the wire into the 220V socket after we're standing in the puddle.

hedgehog

(36,286 posts)

6. I could be wrong, but I think that either because my total income was below a certain limit,

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:03 PM

Oct 2012

or else because my total interest and dividend income (well under $50!) was under a certain limit, it's already tax exempt!

tarheelsunc

(2,117 posts)

7. Don't forget, he'll give you a $25,000 bucket!

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:04 PM

Oct 2012

As if most families can even imagine that many deductions.

PD Turk

(1,289 posts)

8. yeah but

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:07 PM

Oct 2012

doesn't this wonderful "break" come at the expense of our mortgage interest deductions?

TahitiNut

(71,611 posts)

10. 98% of America dreams of getting $200,000/year WITHOUT WORKING FOR IT.

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:29 PM

Oct 2012

It's fucking INSANE that this country tolerates this for even a second!

The despicable notion that income one receives because of the LABOR OF OTHERS should somehow be tax-free while the income one gets FROM ONE'S OWN LABOR is taxed up to 35% is just batshit insane on steroids! Even worse, the notion that income FROM THE DEATH OF ANOTHER is tax-free should be enough to make buzzards puke!

It's just utter fucking elephant shit!

Blue_In_AK

(46,436 posts)

11. I was rolling on the floor laughing at that.

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:31 PM

Oct 2012

Oh, yes, ALL my capital gains and interest that I have none of. I'm so glad my taxes on those nonexistent things won't be raised.

Maven

(10,533 posts)

13. Yeah, I don't know about you, but most middle class families I know are crushed by taxes on capital

Reply to Z_California (Original post)

Thu Oct 18, 2012, 05:42 PM

Oct 2012

gains and dividends!!!

Securities and real estate being the primary sources of income for middle class families!

MatthewStLouis

(904 posts)

15. Thank you! I thought the same thing. No interest on capital gains means nothing to me!

Reply to Z_California (Original post)

Thu Oct 18, 2012, 07:06 PM

Oct 2012

That is why he is so out of touch. People living paycheck to paycheck don't have huge stock portfolios and trust funds to rely on. No taxes on these things means nothing to most people.

donna123

(182 posts)

16. Too, too funny

Reply to Z_California (Original post)

Thu Oct 18, 2012, 10:20 PM

Oct 2012

He just doesn't get it. He just doesn't get it. All he talks about is cutting taxes which is not going to help the 47% who he disdains, but is also not going to help the majority of Americans! Health care will, controlling health care costs will. Given a choice between saving $5000 in health care costs vs possibly $1000 tax cut, what's the better deal? I realize Republicans cannot do math however and do not accept any common sense, facts, or evidence that belies what they believe.

Someone should ask Mitt, what do you consider a living wage? It is something that should have been asked in the debates because I am 100000% sure he has no freaking idea.

myrna minx

(22,772 posts)

18. Thanks Mittens! That .01% interest Wells Fargo pays out on passbook savings is really