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Romney tax plan would result in cuts for rich, higher burden for others

Discussion in 'Political Issues' started by Flintlocker, Aug 1, 2012.

  1. Flintlocker

    Flintlocker

    1,247
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    Jul 1, 2011
    http://www.washingtonpost.com/busin...n-for-others/2012/08/01/gJQAbeCCOX_story.html

    Mitt Romney’s plan to overhaul the tax code would produce cuts for the richest 5 percent of Americans — and bigger bills for everybody else, according to an independent analysis set for release Wednesday. The study was conducted by researchers at the Brookings Institution and the nonpartisan Tax Policy Center, who seem to bend over backward to be fair to the Republican presidential candidate. To cover the cost of his plan — which would reduce tax rates by 20 percent, repeal the estate tax and eliminate taxes on investment income for middle-class taxpayers — the researchers assume that Romney would go after breaks for the richest taxpayers first.
     
  2. aircarver

    aircarver Ride Continues Silver Member

    So ?

    It's unconscionable that so few pay for most of the government and half pay nothing or less.

    This is representation without taxation.

    .
     


  3. eracer

    eracer Where's my EBT?

    6,711
    2
    Apr 5, 2011
    Tampa, FL
    OK.

    So you're in favor of, say, a 20% flat tax on personal and corporate earnings? No exemptions, no deductions, nothing but a simple 20% of the money you or your company earns filling the revenue coffers?
     
  4. SCGlock26

    SCGlock26

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    35
    Jun 30, 2005
    Duncan, SC
    Yes as long as this applies to every wage earner in the country regardless of income level.
     
  5. aircarver

    aircarver Ride Continues Silver Member

    Hell no.

    Every individual assessed an equal share of the cost of running the country.

    No corporate tax it's just passed on to the population.

    Budget required to be balanced. If the gubbermint can't come up with enough money, they can't spend it.

    .
     
  6. wjv

    wjv

    13,798
    1,224
    Jan 17, 2002
    Pacific NW
    We don't have an income problem. . We have a SPENDING problem.

    Conservative family: Our credit card debt is too high. We need to cut back on spending.

    Liberal family: Our credit card debt is too high. My boss doesn't pay me enough. I need to demand more money.
     
    Last edited: Aug 1, 2012
  7. ModGlock17

    ModGlock17

    4,159
    1,125
    Dec 18, 2010
    DisneyWorld
    Barry's Hoodie crowd: a stimulus here, and another there. Let's just print more to spend more. We borrow from the Chinese to spend.

    Drunken Sailor Brotherhood: we can spend like a drunken sailor. But at least we stop spending when we run out of money! We do have some basic fiscal intelligence.
     
  8. Gunnut 45/454

    Gunnut 45/454

    12,129
    9
    Jun 20, 2002
    Here's your problem right off the bat! "the researchers assume that Romney would go after breaks for the richest taxpayers first." When ever you see this - disreguard anythng after it! I personally don't have a problem with having those 47% that don't pay any taxes maybe take a 10% reduction of the refunds they get!:whistling:
     
  9. eracer

    eracer Where's my EBT?

    6,711
    2
    Apr 5, 2011
    Tampa, FL
    No corporate tax?

    Of course that tax is passed on to the consumer. So is every other cost of operating a business, from salaries, to health benefits, to capital expenditures, etc.

    Why should income tax be treated any differently?

    I understand that payroll tax is a tertiary tax, and should be abolished. But eliminate tax on corporate earnings? Seems a bit prejudicial.

    I definitely agree that we need to slash government spending - across the board. But that would reduce the tax burden on every entity earning dollars as an American citizen or an American corporation - an across the board tax cut, if you will.

    No good reason to put the burden of what's left on just individuals.
     
  10. aircarver

    aircarver Ride Continues Silver Member

    Corporate tax is just passed on. It increases the government's 'take'.

    I'm for limiting the government's 'take' to 10% of the economy.

    and that means no 1200 taxes of whatever flavor for whatever reason.

    My way all individuals pay their far share of as much government as they decide they can afford.

    .
     
  11. Lethaltxn

    Lethaltxn

    6,323
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    Mar 23, 2010
    Texas
    I'd be ok with a 10% flat tax with no deductions, 10% corporate tax and 5% payroll tax (although my preference would be to see that tax eleminated).
    No subsidies for any sector. Let them rise and fall on their own accord.
     
  12. Kablam

    Kablam

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    331
    Jan 12, 2005
    It's funny that whenever tax cuts are proposed, some "researchers" squawk about how revenues will drop by $xxx dollars increasing the deficits. Two things to consider there: 1) The empirical evidence most often points to the opposite. Revenues more often go up. 2) Spending usually doesn't go down. More often it goes up. The economy will thirve with low taxes, but if spending keeps rising astronomically, guess what. Yup...deficits go up. We have had huge gov revenues during this run up of the debt during Bush (some) and Obama (TA-DA!).
     
  13. Brucev

    Brucev

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    Jul 19, 2009
    Best method is a progressively graduated tax plan. Apply it with exception to every source of income, regardless of source. Apply it to all income whether earned domestically or overseas. If the rich, libertarians, etc., don't like it, let them go somewhere else and live. There are plenty of other nations where they can go. Let them go.
     
  14. BobbyT

    BobbyT

    1,817
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    Jul 27, 2008
    Ah yes. The Detroit / Newark / Haiti model.
     
  15. aircarver

    aircarver Ride Continues Silver Member

  16. Since the "rich" have been paying most of the tax burden already in America and the middle and lower classes want no cuts in freebies and more handouts....they SHOULD be made to help pay.

    ..it is only fair if you WANT all these entitlements.

    -brickboy240
     
  17. Kablam

    Kablam

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    Jan 12, 2005
    Maybe try something along the lines of paying for what you use. I think it was alluded to already. That way 80% of the population (not exactly I know but simple this way) pays for 80% of government instead of 20% paying for 80% of government as is the case now. Then if there is not enough money, reduce the size of government until the 80% can pay for 80% of it. In other words, everybody pays the same for government. Gets rid of the scourge of our existence as a nation, wealth redistribution and large intrusive government. I have a hard time with progressive taxes (ther's that word again), especially after reading the Communist Manifesto.
     
  18. Brucev

    Brucev

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    Jul 19, 2009
    Always try to keep your focus on the subject at hand. the subject is not failure of any particular city administration, etc. or failure of some third world country.

    The subject at hand is taxation in the U.S. The best means of financing fed. govt. operations is through a income tax progressively graduated.
     
  19. aspartz

    aspartz

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    Oct 19, 2000
    Sandstone, MN 55072
    Because the corporation cannot vote.

    The corporation is unable to change the very government that is taking its money.

    Any plan where someone is allowed to vote but pay no income taxes is also just as bad for the opposite reason.

    ARS
     
  20. aircarver

    aircarver Ride Continues Silver Member

    :thumbsup:

    .
     
    Last edited: Aug 1, 2012