On eve of first debate, Romney floats tax proposal that hits the rich - Christian Science Monitor [ournewsa.blogspot.com]
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In an understated comment to a Denver radio station Tuesday, Mitt Romney suggests that one way to pay for his 20 percent cut in the tax rate is to limit itemized deductions to $ 17,000. For those, like himself, who itemize millions, it's a big hit.
The rich may not be as secure as they hope under a President Romney.
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On Tuesday, the former Massachusetts governor said one option he is considering is to limit federal income-tax deductions to $ 17,000 per household.
If this option became a part of the Romney economic plan, tax analysts say, it would hit the wealthiest taxpayers the hardest, because they tend to itemize their deductions when they file their federal income taxes. Limiting deductions would also make it possible for Mr. Romney to stick to his plan not to add to the tax burden of low- and middle-income Americans.
This is not to say the wealthiest won't get some benefits. Romney still wants to reduce taxes 20 percent across the board. But his suggestion to radio station KDVR in Denver on Tuesday might well raise some howls among the well-heeled.Â
"You could use your charitable deduction, your home mortgage deduction, or others â€" your health-care deduction, and you can fill that bucket, if you will, that $ 17,000 bucket, that way," Romney said. "And higher-income people might have a lower number."
Although Romney did not say this was his actual plan, it is the most specific he has been on how he might pay for his proposed tax cut. The nonpartisan Tax Policy Center (TPC), a joint venture of the Urban Institute and Brookings Institution, has estimated that Romney’s tax cut would result in a loss of $ 500 billion in revenue for the federal government by 2015 and $ 5 trillion over 10 years.
“If Romney were to actually make this his plan, it would clearly raise a lot of money,†says Roberton Willams, a senior fellow at the TPC in Washington. “A lot of folks are itemizing more than $ 17,000 per year, including Mitt Romney, whose itemizing is in the millions.â€
In fact, the Romney suggestion on capping itemization would likely raise alarms with philanthropic groups, mortgage bankers, and state and local governments. The wealthiest earners are most likely to give large amounts of money to charity, to have large mortgages, and to pay the highest amount of property taxes and state income taxes.
Romney’s suggestion "would hit the wealthiest the hardest,†says Mr. Williams, who has not had the chance to run the proposal through the TPC computer models.
According to the TPC, about 70 percent of the 158 million US households who file tax returns take the standard deduction, which was $ 11,900 in 2012. The other 30 percent itemize their deductions.
Of households that itemize, 90 percent are in the highest tax bracket, 35 percent. Of those in the 33 percent tax bracket, 71 percent itemize. By way of contrast, only 37 percent of those in the 15 percent bracket itemize their deductions.
It would not take a huge mortgage to fill up Romney’s $ 17,000 bucket. For example, the payment on a $ 500,000 30-year, fixed-rate mortgage at 4 percent would come to $ 2,387 per month, according to an online mortgage calculator. This would amount to $ 28,644 per year. Although some of that might be principal, most would be interest to start with, because interest is front-loaded on most loans.
It’s not clear if Romney would also limit deductions for medical expenses. Under today’s tax code, individuals who have high medical bills can deduct a portion of those bills from their taxes.Â
High-tax states would also head to Washington to fight the plan. If individuals could not deduct their property taxes as well as state and local taxes, some might move to a lower-tax state.
Find More On eve of first debate, Romney floats tax proposal that hits the rich - Christian Science Monitor ArticlesQuestion by The Equalist - FOUR MORE YEARS: Since Cons think the federal government should have only one purpose; to fight wars & "protect the country"? Then why not just put the Joint Chiefs of Staff in charge and have a military-run government like certain third world dictatorships? Since they want the government so small that it does nothing other than military action. Or do we in fact need government for more than just using the military to "protect the country"? Best answer for Since Cons think the federal government should have only one purpose; to fight wars & "protect the country"?:
Answer by sound_of_the_silenced3
Some would say we need government to protect contractual agreements and for a judicial system as well. But ya that is all.
Answer by Curtis 1911
Cons have never said "the federal government should have only one purpose". Cons have said "the national defense should be the highest priority of the federal government". Cons have also said we do not need a government going bankrupt with deficit spending and a political party that buys it's votes with entitlement spending. Cons have also said "a Government cannot spend itself out of debt". Cons have also said "a Government cannot tax itself into prosperity". Geithner: "No Risk of Downgrade" http://www.mediaite.com/tv/tim-geithner-in-april-no-risk-of-sp-downgrading-americas-credit/ 33% Believe obama made Recession Worse http://news.yahoo.com/blogs/ticket/more-dismal-poll-numbers-obama-gop-debt-crisis-131137433.html obama Appoints GE president Immelt as Jobs Czar http://www.bloomberg.com/news/2011-01-21/obama-taps-ge-s-immelt-for-economy-panel-replace-volcker.html GE President Immelt Moving Jobs to China http://finance.yahoo.com/news/GE-moving-Xray-leadership-apf-1172733391.html?x=0&.v=2 Jobs Created During Every Recession http://www.businessinsider.com/chart-of-the-day-percent-jobs-losses-in-post-wwii-recessions-2011-7 Democrat Wynn Calls obama a "Wet Blanket to Business" http://video.search.yahoo.com/search/video;_ylt=A0oGdbRfqShOlkEA9SRXNyoA?ei=UTF-8&p=Steve%20Wynn%20Wet%20Blanket&fr2=tab-web&fryfp-t-407 DNC Chair: "We Own This Economy" http://www.politico.com/news/stories/0611/57025.html obama's Job Creation is Dashing Hope of Economic Rivial http://news.yahoo.com/jobs-seen-boosting-hopes-economic-revival-040919278.html obama $ 860 Billion Stimulus Nets Only 2.4 Million Jobs http://blogs.abcnews.com/politicalpunch/2011/07/-278k-per-stimulus-job-white-house-says-no.html $ 17 BILLION in Unemployment Fraud http://www.cbsnews.com/stories/2011/07/03/national/main20076594.shtml
Answer by STEEL
Government regulation is one thing. Government control and a $ 5 trillion per year budget is another.
Answer by regerugged
You are the last person on this site qualified to speak for tea partiers. The premise of your question is wrong. Conservative believe the government is supposed to follow the US Constitution. It clearly states that the primary role is to provide a strong national defense. All of the rest of your comments are hot air.
Answer by u_bin_called
your entire school district owes the rest of us an apology...
Answer by Mjǫlnir
Only a moron would believe we think that. QED. We believe in the Constitution, and that the federal government is given the power of all the specified duties and powers it was given therein. And that it was limited by the 10th Amendment to only those powers specified in the Constitution. The only thing you're equal to is a horse's rear end.
Answer by Reason Enforcer
I'm not sure where you got that statement of purpose but it wasn't from a conservative. Conservatives believe that the Government should perform it's Constitutionally mandates purposes (which does include national defense) and should not usurp authority that it is forbidden in the Constitution. Crazy concept eh?
Answer by Becca the Tea Lady
Well most cons are in jail so I wouldn't know.......
Answer by Just Peachy
Cons don't think that...and you are being deliberately obtuse with this question.
Answer by Michael M
Your assertion is laughable. Cons don't think that all. Try another straw man, this one doesn't fly.
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