Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJCT: Closing Loopholes Would Allow Only a 4% Tax Rate Reduction
Closing Loopholes Would Allow Only a 4% Tax Rate Reduction
One of Mitt Romney's main campaign promises is that he would reduce tax rates by 20% and make up the lost revenue by eliminating deductions. Now the Joint Committee on Taxation, the official, nonpartisan scorekeeper on tax policy has issued a report on the subject. If Romney were to eliminate deductions for mortgage interest, charitable contributions, and state and local taxes, the amount of revenue recovered from them would allow the rates to be reduced only 4%, not 20%, from the rates that will be in effect next year if Congress does nothing. This would mean a top rate of 38% (vs. 35% now and 39.6% under Bill Clinton).
Democrats immediately seized on the report saying a 20% rate reduction would increase the deficit, something Romney opposes. Republicans attacked the report, saying there are other deductions that could be eliminated, such as employer-provided health insurance. Removing all these deductions, however is likely to generate massive opposition. It is doubtful that Congress could muster the will to pull it off.
http://www.electoral-vote.com/evp2012/Pres/Maps/Oct13.html#item-3
One of Mitt Romney's main campaign promises is that he would reduce tax rates by 20% and make up the lost revenue by eliminating deductions. Now the Joint Committee on Taxation, the official, nonpartisan scorekeeper on tax policy has issued a report on the subject. If Romney were to eliminate deductions for mortgage interest, charitable contributions, and state and local taxes, the amount of revenue recovered from them would allow the rates to be reduced only 4%, not 20%, from the rates that will be in effect next year if Congress does nothing. This would mean a top rate of 38% (vs. 35% now and 39.6% under Bill Clinton).
Democrats immediately seized on the report saying a 20% rate reduction would increase the deficit, something Romney opposes. Republicans attacked the report, saying there are other deductions that could be eliminated, such as employer-provided health insurance. Removing all these deductions, however is likely to generate massive opposition. It is doubtful that Congress could muster the will to pull it off.
http://www.electoral-vote.com/evp2012/Pres/Maps/Oct13.html#item-3
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 641 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
JCT: Closing Loopholes Would Allow Only a 4% Tax Rate Reduction (Original Post)
cthulu2016
Oct 2012
OP
cthulu2016
(10,960 posts)1. .
gkhouston
(21,642 posts)2. K&R. We need to hit Romney hard with this. n/t
kentuck
(111,095 posts)3. But what about the debt and deficit??
This would just keep everything status quo and would not pay for any new programs or pay down the debt? Is it a problem or isn't it??