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(The Daily Beast)   Here's a shocker: Mitt's one-and-only tax plan "specific," his $17,000 cap on deductions, hurts the middle class and favors the wealthy   (thedailybeast.com) divider line 21
    More: Obvious, Michael Tomasky, war correspondents, itemized deduction  
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2834 clicks; posted to Politics » on 03 Oct 2012 at 4:39 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-03 02:31:01 PM
3 votes:

Stoj: Nofun: I make less than 80k a year, and to get that I work 60 hours a week in a job that requires a four year degree. I also work a few months out of the year overseas. I have no debt besides credit cards which I pay off every month. I did this by living within my means, and paying off student loans and auto loans before spending on things I wanted. My wife is in grad school, that costs over 25k per year for tuition and books, and it's a 3-year degree. We consider ourselves very fortunate in that we live comfortably and I have a good-paying job.

So, Romney wants to pay down the debt (which has ballooned recently because of wars, favorable tax legislation for business and the wealthy, and entitlement/assistance programs) by limiting MY deductions to 17k a year? Um no, you farking dolt! I've worked hard for my damn money, and I don't think it's remotely fair to penalize ME so your multimillionaire a$$ can continue getting a lower tax rate than me! The working class subsidize everyone else in this country already, it's BS that we should have to subsidize them more!

You have itemized deductions greater than $17k per year?


Sure. Let's say you have a $300,000 mortgage at 4% per year- that's $12,000 right there. Throw in the $4000 tuition and fee deduction for his wife, and you're at $16,0000 before he gives anything to charity, adds up his state and local taxes, has any job related expense (which he will, because he works oversees), has any medical bills or pays any student loans.

If he has kids, this guy is Romney's "47%".

Now think about that for a second. This guy, Nofun, is someone who considers himself a victim and will never take responsibility for his life, according to Mitt Romney.
2012-10-03 06:31:57 PM
1 votes:
That is to say, all of your deductions--state and local taxes, mortgage interest, home repair, charitable contributions--would be capped at $17,000.

Also known as "The Romney Plan to Crush the Housing Market and Re-Tank the Economy Within a Single Week".
2012-10-03 05:55:27 PM
1 votes:

Tommy Moo: A lot of problems would be solved if we just called capital gains regular income. I'd even be willing to extend the Bush tax cuts for the wealthy if, in return, capital gains were taxed as regular income. Why the hell shouldn't it be, philosophically? It's income! You did work, and you made money. How is that not income?


Well, the work part is debatable unless you were managing your own stock portfolio. It is something I've always wondered though. How come income from investments is considered more sacred than income from something you actually did in the world as a living?
2012-10-03 05:52:09 PM
1 votes:
A lot of problems would be solved if we just called capital gains regular income. I'd even be willing to extend the Bush tax cuts for the wealthy if, in return, capital gains were taxed as regular income. Why the hell shouldn't it be, philosophically? It's income! You did work, and you made money. How is that not income?
2012-10-03 05:39:09 PM
1 votes:
i0.kym-cdn.com
2012-10-03 05:19:06 PM
1 votes:

Aarontology: Dogberry: kingoomieiii: Dogberry: Of course a vulture capitalist is going to be licking his chops looking at the fat, juicy morsel that is the mortgage interest deduction.

Vulture Capitalist isn't an accurate title. Vultures don't hunt healthy, living prey and slowly bleed them dry.

Parasitic capitalist?

parasites generally reach some sort of homeostasis with their host so they can continue their feedings.

Romney is more like a locust capitalist. He takes everything he can before moving onto the next company.


How about virus?
2012-10-03 05:14:27 PM
1 votes:
Considering that he has no other firm policy positions, the ony conclusion I can draw is that Mitt is running for President primarily so he can give himself a tax cut.
2012-10-03 05:11:55 PM
1 votes:

The Jami Turman Fan Club: Philip Francis Queeg: Rapmaster2000: There is some controversy as to where you segment classes so that may be leading to the misunderstanding. $200k a year hasn't been upper-class for a long time.

Less than 5% of US households make $200,000 or more a year. It is solidly upper class.

Strongly disagree. For one thing, a lot less than 5% of the population is upper class, in my opinion. For another, you can't determine class without knowing expenses. Somebody could make $200K a year and still end up living in an apartment with roomates in San Francisco trying to make ends meet (a huge amount of college debt doesn't help). In fact, I know someone in that exact situation.


Expense have nothing to do with it.,. The fact is that those roommates have chosen to live in a very expensive city because of the amenities and quality of life there. They only have the luxury to make that choice because of the high pay they receive. That they have chosen to spend their high income a way that some may consider unwise makes them no less upper class.

Everyone wants to think they are middle class. No one wants to admit how well off they are as compared to the average American.
2012-10-03 04:56:02 PM
1 votes:

Rapmaster2000: There is some controversy as to where you segment classes so that may be leading to the misunderstanding. $200k a year hasn't been upper-class for a long time.


Less than 5% of US households make $200,000 or more a year. It is solidly upper class.
2012-10-03 04:51:49 PM
1 votes:
Here's a Hint: Everything Mitt has planned hurts the middle class.
2012-10-03 04:42:08 PM
1 votes:
now now subby

this is a shocker:

www.wrongtees.com

//hot
2012-10-03 03:17:09 PM
1 votes:

kronicfeld: dahmers love zombie: Well, I do expect the "corporations are people" guy to enforce the $17,000 limit on ALL corporations. Wouldn't you?

Self-employed "people" get to take the very same deductions even if not operating through a separate business entity.


Read my comment again. I could give a shiat about the self-employed. If a corporation has the same rights as a person, then that corporation should have the same tax obligations. If every HUMAN gets a "set" deduction, a la Romney's "idea", then corporations get the same deduction.

Or, alternatively, we can strip corporations of their free speech rights and limit their ability to interfere in political affairs, and I'm happy to let them keep their tax deductions. Either way works.
2012-10-03 03:08:56 PM
1 votes:
I bet President Obama knows this, and I also bet he brings that up tonight. I'd love to see the look on Mitt's face when he has to defend it.
2012-10-03 02:52:03 PM
1 votes:

kronicfeld: vernonFL: Not that Romney (or anyone, actually) would ever do this, but why not close ALL loopholes and deductions?

You want a business that spends $50,000 on inventory to pay taxes on the gross $75,000 revenue it receives selling that inventory, not the $25,000 in net profits?


Well, I do expect the "corporations are people" guy to enforce the $17,000 limit on ALL corporations. Wouldn't you?
vpb [TotalFark]
2012-10-03 02:49:30 PM
1 votes:
Come to think of it, a capitalist is someone who suplys the capital input of production. Capitalisim is a mode of production. So, did Romney make money on the production of things? If not, then he is more of a bandit than a capitalist.
2012-10-03 02:38:51 PM
1 votes:
Not that Romney (or anyone, actually) would ever do this, but why not close ALL loopholes and deductions?

Individuals and businesses can do their taxes on a 1040 EZ form.

With the money we save, we can help re-train all the lawyers and accountants who would lose their jobs.
2012-10-03 02:23:35 PM
1 votes:
Found the 2008 numbers. For people earning between 30K and 50K, the average itemized deduction is $17,700. For people earning between 50K and 100K, the average itemized deduction is $26,500. So yes, Romney's $17,000 catch-all deduction will absolutely bend the middle-class over a barrel.
2012-10-03 02:18:21 PM
1 votes:
Oh, here's a table of average itemized deductions:

Average Itemized Deductions - United States
AGI (-000) Medical Taxes Interest Contributions Total
$15-30 $5,390 $2,270 $5,442 $1,338 $10,306
30-50 4,226 3,112 5,716 1,465 10,938
50-75 4,722 4,428 6,587 1,768 13,194
75-100 6,544 6,171 8,063 2,286 16,896
100-200 12,277 9,758 11,107 3,433 23,870
200+ 32,113 36,076 25,046 16,882 65,871

Sorry if it didn't render very well. Note the bold. The AVERAGE taxpayer making 75,000 to 100,000 claims almost $17,000 in deductions. So this plan would nail the majority of households that earned more than $100K. Yeah, he's planning on farking the middle-class right in the ear.
2012-10-03 01:32:11 PM
1 votes:
I make less than 80k a year, and to get that I work 60 hours a week in a job that requires a four year degree. I also work a few months out of the year overseas. I have no debt besides credit cards which I pay off every month. I did this by living within my means, and paying off student loans and auto loans before spending on things I wanted. My wife is in grad school, that costs over 25k per year for tuition and books, and it's a 3-year degree. We consider ourselves very fortunate in that we live comfortably and I have a good-paying job.

So, Romney wants to pay down the debt (which has ballooned recently because of wars, favorable tax legislation for business and the wealthy, and entitlement/assistance programs) by limiting MY deductions to 17k a year? Um no, you farking dolt! I've worked hard for my damn money, and I don't think it's remotely fair to penalize ME so your multimillionaire a$$ can continue getting a lower tax rate than me! The working class subsidize everyone else in this country already, it's BS that we should have to subsidize them more!
2012-10-03 12:53:03 PM
1 votes:

Dogberry: kingoomieiii: Dogberry: Of course a vulture capitalist is going to be licking his chops looking at the fat, juicy morsel that is the mortgage interest deduction.

Vulture Capitalist isn't an accurate title. Vultures don't hunt healthy, living prey and slowly bleed them dry.

Parasitic capitalist?


parasites generally reach some sort of homeostasis with their host so they can continue their feedings.

Romney is more like a locust capitalist. He takes everything he can before moving onto the next company.
2012-10-03 12:41:33 PM
1 votes:

Dogberry: Of course a vulture capitalist is going to be licking his chops looking at the fat, juicy morsel that is the mortgage interest deduction.


Vulture Capitalist isn't an accurate title. Vultures don't hunt healthy, living prey and slowly bleed them dry.
 
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