Letter to the Editor: What Romney means
BY Brad Turek, Afton
Wednesday, October 17, 2012
10/17/12 at 2:56 AM
Mitt Romney says "20 percent across-the-board tax cut" and "reduce corporate tax rates to stimulate the economy." Sounds great if you're ignorant. Twenty percent is just another way of saying "$5 trillion," which he denied several times at the first debate. Corporate tax rates are the lowest, and corporate profits are higher than ever, so, why do we need to lower corporate taxes?
What Romney really means is: A complete overhaul of the U.S. tax code, (as if doing taxes wasn't complicated enough), with all tax breaks on the cutting table and a cap on itemized deductions as a percentage of income. Tens of billions of dollars would need to be raised from lower-income taxpayers. The 99-percenters like you and me who need to spend money as consumers to keep the economy growing. Expect big cuts for very popular deductions, such as mortgage interest, charity donations and the workplace health-care exemption.
Which shell is the ball under?
President Obama has already proposed limiting deductions for wealthier taxpayers to 28 percent of their income. This could have raised Romney's paltry 15 percent income tax on $22 million per year by $3 million.
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