It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by OutKast Searcher
reply to post by kozmo
I'm a Constitutional Libertarian.
Yes, you and every other Republican that is too embarressed to admit they are voting for Romney.
Sorry...I don't believe you.
Originally posted by kozmo
reply to post by OutKast Searcher
These items, from the "plan" you linked to, include the following:
•Make permanent, across-the-board 20 percent cut in marginal rates
•Maintain current tax rates on interest, dividends, and capital gains
•Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
•Eliminate the Death Tax
•Repeal the Alternative Minimum Tax (AMT)
I'm not seeing any of the things you quoted. So either you have mis-quoted, in violation of T&C's or you have made an egregious mistake that requires correcting. Which is it?
Because we have received no details on proposals to reduce tax preferences, the TPC analysis does not include those proposals.1
After reading Mittens plan, the points you made aren't consistent with what you quoted. Please address your error. Thank you.
Originally posted by kozmo
reply to post by Indigo5
Again, right from your link:
Because we have received no details on proposals to reduce tax preferences, the TPC analysis does not include those proposals.1
They fully admit that they are making ASSUMPTIONS. You know what they say about making assumptions, right?
Originally posted by kozmo
I could care less if you "Believe" me. Address the substance of my post and stop with childish ad hominems. What you posted is not accurately sourced. In the real world, we call this LIBEL. I'm intersted in the source of your quotes.
After reading Mittens plan, the points you made aren't consistent with what you quoted. Please address your error. Thank you.
In his campaign for the Republican presidential nomination, Mitt Romney has proposed permanently extending the 2001-03 tax cuts, further cutting individual income tax rates, broadening the tax base by reducing tax preferences, eliminating taxation of investment income of most individual taxpayers, reducing the corporate income tax, eliminating the estate tax, and repealing the alternative minimum tax (AMT) and the taxes enacted in 2010’s health reform legislation. The Tax Policy Center (TPC) has completed a preliminary analysis of the Romney plan, based on information posted on the campaign website and email exchanges with campaign policy advisors. Because we have received no details on proposals to reduce tax preferences, the TPC analysis does not include those proposals.1
Governor Romney would permanently extend all the 2001 and 2003 tax cuts now scheduled to expire in 2013, repeal the AMT and certain tax provisions in the 2010 health reform legislation, and cut individual income tax rates by an additional 20 percent. He would also expand the tax base by cutting back tax preferences, but has supplied no information on which preferences would be reduced. Tax provisions in the 2009 stimulus act and subsequently extended through 2012 would expire. These include the American Opportunity tax credit for higher education, the expanded refundability of the child credit, and the expansion of the earned income tax credit (EITC). The plan would also eliminate tax on long-term capital gains, dividends, and interest income for married couples filing jointly with income under $200,000 ($100,000 for single filers and $150,000 for heads of household) and repeal the federal estate tax, while continuing the gift tax with a maximum tax rate of 35 percent.2
The plan would reduce the six current income tax rates by one-fifth, bringing the top rate down from 35 percent to 28 percent and the bottom rate from 10 percent to 8 percent. The accompanying repeal of the AMT would increase the tax savings from the rate cuts—without that repeal, the AMT would reclaim much of the tax savings.
The plan would recoup the revenue loss caused by those changes by reducing or eliminating unspecified tax breaks, thereby making more income subject to tax. Gov. Romney says that the reductions in tax breaks, in combination with moderately faster economic growth brought about by lower tax rates, will make the individual income tax changes revenue neutral compared with simply extending the 2001 and 2003 tax cuts. He also promises that low- and middle-income households will pay no larger shares of federal taxes than they do now.
At the corporate level, the Romney plan would make two major changes: 1) reduce the corporate income tax rate from 35 to 25 percent and 2) make the research and experimentation credit permanent, It would also extend for one year the full expensing of capital expenditures and allow a “tax holiday” for the repatriation of corporate profits held overseas. The plan does not specify, however, whether repatriated earnings would face any tax and, if so, at what rate. In the longer run, Gov. Romney would reduce the corporate rate further in conjunction with base broadening and simplification and would move the corporate tax to a territorial system.
Gov. Romney would also permanently repeal the 0.9 percent tax on wages and the 3.8 percent tax on investment income of high-income individual taxpayers that were imposed by the 2010 health reform legislation and are scheduled to take effect in 2013.
Indiv
•Make permanent, across-the-board 20 percent cut in marginal rates
•Maintain current tax rates on interest, dividends, and capital gains
•Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
•Eliminate the Death Tax
•Repeal the Alternative Minimum Tax (AMT)
Corp
•Cut the corporate rate to 25 percent
•Strengthen and make permanent the R&D tax credit
•Switch to a territorial tax system
•Repeal the corporate Alternative Minimum Tax (AMT)
Originally posted by kozmo
reply to post by Indigo5
Again, right from your link:
Because we have received no details on proposals to reduce tax preferences, the TPC analysis does not include those proposals.1
They fully admit that they are making ASSUMPTIONS. You know what they say about making assumptions, right?
If you are willing to let the Republican presidential campaign off the hook by dismissing what is a fairly extensive, fair and balanced report (I suggest you read the study)—where the authors actually appear to go to the extreme to give the Governor the benefit of the doubt—then I have some California government bonds I’d like to sell you. They’re a great investment…honest.
Originally posted by kozmo
reply to post by Indigo5
Thank you Indigo. I am quite clear on both Mitten's bullet points and the Tax Policy Center "Study". However, you folks are making quite a stretch to say it benefits the wealthy.
Originally posted by kozmo
The repeal of taxes on investment ONLY benefit those making less than $200,000.
Originally posted by Indigo5
Originally posted by kozmo
The repeal of taxes on investment ONLY benefit those making less than $200,000.
You are confused...You can still earn 5 Million a year...then if you make less than 200k on "investments" that is tax free. If you make over that you enjoy the lion's share of his tax reduction in his plan.
NOT people making less than 200k...people making less than 200k on investments....that is tax free,
•Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
Originally posted by kozmo
Originally posted by Indigo5
Originally posted by kozmo
The repeal of taxes on investment ONLY benefit those making less than $200,000.
You are confused...You can still earn 5 Million a year...then if you make less than 200k on "investments" that is tax free. If you make over that you enjoy the lion's share of his tax reduction in his plan.
NOT people making less than 200k...people making less than 200k on investments....that is tax free,
•Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
ADJUSTED GROSS INCOME includes ALL income, including everything you listed. The portion of said income that comes from "investment" will not be taxed. The earned income will!
One need simply look at a 1040 to understand what comprises AGI - it is the sum of ALL income, less specific deductions, but NOT itemized deductions.
Anyone earning an AGI OVER $200K WILL PAY the investment tax - include Mittens!
Originally posted by kozmo
reply to post by Indigo5
Again... based on the "Study" - assumptions and all. I will wait on details from Mittens and an objective analysis sans assumptions before I score mittens plan.
Originally posted by Indigo5
By your defintion of AGI then someone that has a net worth of 5 Million, pays zero tax on the 190k in capital gains or interest he might take home each year?
Originally posted by Indigo5
Originally posted by kozmo
reply to post by Indigo5
Again... based on the "Study" - assumptions and all. I will wait on details from Mittens and an objective analysis sans assumptions before I score mittens plan.
Mittens on the Tax Policy Center BEFORE they scored his plan..."An Objective 3rd Party Organization"