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Let's Discuss: Mitt Romney 2012 - Taxes

JaxsonRaine
Posts: 3,606
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5/18/2012 9:23:22 PM
Posted: 4 years ago
Sources
Overview: http://www.mittromney.com...
Policy Details: http://www.mittromney.com...

Individual Taxes
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)

Corporate Taxes
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)
twocupcakes: 15 = 13
JaxsonRaine
Posts: 3,606
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5/18/2012 9:34:25 PM
Posted: 4 years ago
Individual Taxes
Make permanent, across-the-board 20 percent cut in marginal rates

I think this is a great idea. Yes, if we lower taxes, we will have lower revenues short-term, but we need to focus on jobs right now. When employment goes up, so will revenues. Beside, spending is the greater contributor to our deficits.

Eliminate the Death Tax

Yes, please. You can start a business and get taxed on your profits. You also get taxed on the money you pay to yourself, and taxed on the money you bet paid by yourself. Then, if you save some of that money for your posterity, 35% of that is taxed again, soon to be 55%, when you die. I can't understand how anyone can possibly defend this tax.

Corporate Taxes
Cut the corporate rate to 25 percent

Wouldn't it be nice if the US could finally be competitive again? We are now the highest corporate tax rate among developed countries. Would you want to put your money where it will be taxed highest, if you are looking to profit?
twocupcakes: 15 = 13
Contra
Posts: 3,941
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5/18/2012 9:38:48 PM
Posted: 4 years ago
At 5/18/2012 9:23:22 PM, JaxsonRaine wrote:
Sources
Overview: http://www.mittromney.com...
Policy Details: http://www.mittromney.com...


Individual Taxes
Make permanent, across-the-board 20 percent cut in marginal rates

No instead just end all the Bush tax cuts. Jobs weren't helped by the tax cuts, and extending the Bush tax cuts have been found to be harmful to economic growth over 10 years.

Maintain current tax rates on interest, dividends, and capital gains

Increase rates on capital gains and dividends

Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains

Agreed.

Eliminate the Death Tax

Reduce it.

Repeal the Alternative Minimum Tax (AMT)

If the tax code was seriously reformed, the AMT would be rendered useless.


Corporate Taxes
Cut the corporate rate to 25 percent

And eliminate nearly all loopholes. The effective corporate tax rate is 13%.

Strengthen and make permanent the R&D tax credit

I very, very strongly agree here.

Switch to a territorial tax system

Agreed.

Repeal the corporate Alternative Minimum Tax (AMT)

Agreed.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
JaxsonRaine
Posts: 3,606
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5/18/2012 11:42:33 PM
Posted: 4 years ago
At 5/18/2012 9:38:48 PM, Contra wrote:
At 5/18/2012 9:23:22 PM, JaxsonRaine wrote:
Sources
Overview: http://www.mittromney.com...
Policy Details: http://www.mittromney.com...


Individual Taxes
Make permanent, across-the-board 20 percent cut in marginal rates

No instead just end all the Bush tax cuts. Jobs weren't helped by the tax cuts, and extending the Bush tax cuts have been found to be harmful to economic growth over 10 years.

How have the Bush tax cuts been harmful to growth?

Maintain current tax rates on interest, dividends, and capital gains

Increase rates on capital gains and dividends

Why? Raising capital gains rates doesn't increase revenues. It discourages investment by increasing the risk of any investment.

http://www.econlib.org...

Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains

Agreed.

Eliminate the Death Tax

Reduce it.

Repeal the Alternative Minimum Tax (AMT)

If the tax code was seriously reformed, the AMT would be rendered useless.


Corporate Taxes
Cut the corporate rate to 25 percent

And eliminate nearly all loopholes. The effective corporate tax rate is 13%.

Try 23%, at the lowest. It's complicated, but some things are much higher than that. Equity-financed investments in industrial structures is 41%.

http://www.cbo.gov...

(The whole report is educational, lots of charts at the end).

Tax Foundation found an average of 27%

http://taxfoundation.org...

Strengthen and make permanent the R&D tax credit

I very, very strongly agree here.

Switch to a territorial tax system

Agreed.

Repeal the corporate Alternative Minimum Tax (AMT)

Agreed.
twocupcakes: 15 = 13