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1 b_sharp  Thu, Oct 18, 2012 7:48:07am

Good stuff.

It would be nice to see your calculations and links to where you got the info from.

2 b_sharp  Thu, Oct 18, 2012 7:52:16am

Oh, you might try a more tweetable headline. Something like:

Romney's Smoke and Mirrors: Deduction Cap Falls Short of Tall Aspirations

3 philosophus invidius  Thu, Oct 18, 2012 9:08:30am

As far as I can tell, Romney's plan is this:

(1) lower the effective tax rate of the rich
(2) wait for the rich to get so much richer that over the next 10 years, they will end up paying the same dollar sum of taxes that they do now.

In other words, his plan is nothing more than a stimulus for the rich that will incur deficits in exchange for the fantasy that the tax cut will make those deficits disappear in the long run. Of course, this voodoo economics has been completely discredited. It's failed as recently as GW Bush.

And when it fails again--although Romney will find some other reason for the lack of growth--then the rich win anyway. That's the win-win strategy for his investors (not the American people, but the audience at his 47% speech) that Romney perfected at Bain.

I would like someone, SOMEONE, to press him and Ryan on the question whether his plan is "revenue neutral" in YEAR ONE. Since they admit that "growth" is part of what supposedly makes the plan work, it seems to me that they would have to admit that it is a deficit-creating stimulus program.

What is disgusting to me is how Romney is getting away with lying about the plan by playing word games. Obama repeats over and over that the math does not add up. He's gotten all the mileage he can out of that point. But no one seems to be pointing out that Romney is not at all denying that this will be a huge tax cut for the rich--at least as normal people understand the word "tax cut."

4 JamesWI  Thu, Oct 18, 2012 11:28:40am

re: #1 Gangnam Style

Good stuff.

It would be nice to see your calculations and links to where you got the info from.

For the income tax numbers, I was basically just googling it, trying to find anything, and not coming up with much. I saw numbers on 2008 and 2009, which were around $1 trillion, and I found some sites that were claiming that projections for 2013 would put it around 1.3. But I wasn't finding any official numbers for the last few years. If anyone has better numbers, post them and I'll change it up.

As for any other calculations, that was just using the numbers from the linked article, and going from there.

5 ReamWorks SKG  Thu, Oct 18, 2012 1:44:16pm

Republicans love the deduction cap because it would disproportionally affect voters in high income-tax states, all which are all blue states! State income tax is deductible.


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