What Romney should say about his planned tax policy...

[_Drifting]

Is there historical evidence that shows Romney ends up doing that which he says he is going to do?

[_palerobber]

I thought Romney had given specifics like cut rate across the board by 20% which I heard Ryan repeat to Chris Wallace. I believe he proposes eliminating tax on cap gains and all investment income for income for earners below $200k Also, I have a detail of both Obama's tax proposals and Romney's and have two staff doing a seminar on it in a few weeks. Here is a link that goes into some of this:

http://taxpolicycenter.org/taxtopics/romney-plan.cfm

I think the thing he is vague on is limiting itemized deductions for high income earners and this is what Ryan was vague about.

and as the TPC's analysis shows, it's not just deductions for high income earners that the Romney camp is being vague about -- for his plan to be revenue neutral middle & lower income people would have to lose deductions as well.

[_palerobber]

I just don't understand why if someone at a lower income gets a 20% tax reduction why they are upset if someone making more income gets a similar cut but because it results in more $$ they are upset. You can only cut so much $$ from a lower income then there is nothing more to cut. And really this is what the Bush tax cuts did for many lower income people. The tax cuts reduced them right off the tax roles. Bush cut taxes % wise across the board. Sure higher income people got more $$ but not necessarily a larger % cut.

in general i agree with you, but on one point you're not quite correct -- the 2001/2003 Bush income tax cuts were not equal on a percentage basis across all income brackets (though they weren't dramatically different either). also, you have to factor in the Bush cuts to capital gains and AMT, which are heavily slanted toward higher incomes.

Honestly to dig us out the the massive debt our political leaders have gotten us into rate will have to go up.... on everyone. Not just higher income tax payer. But everyone. Or rate go down but deductions get limited or eliminated. This is what the 1986 tax reform act did. It eliminated many loopholes, deduction, etc. It increased depreciable lives for real estate. It limited tax shelter losses from deductions. It got rid of capital gains rates but then imposed only two rates-15% and 28%. And if I recall revenue went up. Course the economy was booming as well.

In addition spending will have to do down and it will have to start with defense and entitlements because that is where we spend the most.

can't really disagree with you much here either. and from what i understand, this is largely what was involved in the 'Grand Bargain' that Obama and Boehner were working on last summer.