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Romney Will Explode the Debt By Trillions

Stop trying to create class warfare, hippy! :p

Unless you're a defense contractor, in which case you'll do very well under Romney indeed. So go ahead and start something. Please.
 
Puppycow said:
Calculate the tax effect of the Obama an Romney plans for you!

Compare and contrast
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Something tells me that calculator is... off...

A person making 1,000,000 will save 250,000/year under Romney while they will save 8,295 under Obama. Am I to believe that the tax rate for the wealthy is going to drop 25 percentage points under Romney? :boggled: And then, the wealthy will STILL have lower taxes than before with Obama? But Romney is the one that will explode the debt.

I don't understand this calculator.
 
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Newtons Bit said:
Something tells me that calculator is... off...

A person making 1,000,000 will save 250,000/year under Romney while they will save 8,295 under Obama. Am I to believe that the tax rate for the wealthy is going to drop 25 percentage points under Romney? :boggled: And then, the wealthy will STILL have lower taxes than before with Obama? But Romney is the one that will explode the debt.

I don't understand this calculator.
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It's based on the study by the Brookings Institute.

http://www.boston.com/politicalinte...nalysts-say/3TBTf2GSlecutmVK97R6sK/story.html

Brookings analysts concluded Romney’s plan favors high earners “even when we bias our assumptions about which and whose tax expenditures are reduced to make the resulting tax system as progressive as possible.”
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I guess reality has a liberal bias?
 
Unabogie said:
They are not. They are using the numbers in the study I linked to. Should I use bigger fonts, or do you understand now?
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Article says $1million+ earners receives tax savings of (on average) $87,117 under Romney. Obama Calculator says $1 million earner receives $245,511 in tax savings under Romney.

Do you understand now, or would you actually like to read what I posted and your source for understanding? :rolleyes:
 
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Newtons Bit said:
And that gives the Obama campaign justification to invent numbers in their calculator?
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This is what the calculator says.
Tax Savings Under Romney
2013
$245,551
Compared to President Obama’s plan, the average tax cut families like yours—those earning $1,000,000 or more—would receive under Romney. Romney’s tax cuts for the wealthy will either raise taxes on middle-class families or explode the deficit.
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Average cut for those earning $1,000,000 or more. Real numbers, but I agree it is misleading. Not far off from standard practice. Still B.S..

Daredelvis
 
Newtons Bit said:
Article says $1million+ earners receives tax savings of (on average) $87,117 under Romney. Obama Calculator says $1 million earner receives $245,511 in tax savings under Romney.

Do you understand now, or would you actually like to read what I posted and your source for understanding? :rolleyes:
Click to expand...

daredelvis said:
This is what the calculator says.
Average cut for those earning $1,000,000 or more. Real numbers, but I agree it is misleading. Not far off from standard practice. Still B.S..

Daredelvis
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Ah, I see your point. It's not the numbers that skew, it's the wording.

Here is some more info:

Because the tax code is complex, the calculator makes a number of simplifying assumptions that may differ from the circumstances of any particular user. It assumes all income is from wages. For married filers, it assumes that income is split evenly between two earners. It assumes that income does not vary over the years analyzed. It assumes that taxpayers claim the standard deduction for the purpose of analyzing the impact of the expiration of the middle class tax cuts. The impact of Mitt Romney’s tax plan is based on an analysis by the nonpartisan Tax Policy Center, which determines the tax increase or tax cut the average family in each income group would face if Romney paid for his $5 trillion tax plan by cutting tax benefits. The analysis assumes that Romney eliminates all tax benefits, except those for savings and investment, for households earning over $200,000, and reduces those benefits for households earning under $200,000 to cover the rest of the cost – resulting in a reduction by more than half. The Tax Policy Center uses income thresholds based on “cash income”, a measure broader than AGI commonly used by TPC. The calculator is intended for information purposes only.
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So I concede the point that the numbers do not match and that there is some weaseling going here, however, I'd be curious to see if you think that under Romney, your taxes would go down instead of up? And if so, how you are accounting for that.

ETA: I just did a search. Doesn't Romney have his own tax calculator? If not, why not? I couldn't find one. And Romney's version wouldn't even take into account all the "loopholes" that Mitt will have to close to keep his promise that the cuts for the wealthy will be "paid for".
 
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My taxes would go down under Romney, but about half as much as they would under Obama. They should go up, we can afford it. I await the pedantic suggestions that I just mail a check.

Daredelvis
 
daredelvis said:
My taxes would go down under Romney, but about half as much as they would under Obama. They should go up, we can afford it. I await the pedantic suggestions that I just mail a check.

Daredelvis
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Ah yes, the liberal disingenuous "please raise my taxes" which translates into ""Will you please raise everyone's taxes?". As you well know, the amount on the IRS form is the legal minimum. Anything above that, feel free to pay what you think you should-raise your own taxes.
 
Neally said:
Ah yes, the liberal disingenuous "please raise my taxes" which translates into ""Will you please raise everyone's taxes?".
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It's not disingenuous because volunteering to pay more taxes won't solve the problem. It needs to be raised for everyone who makes as much money. At least this person is willing to have his taxes raised. How is that "disingenuous"?
 
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Romney’s tax plan wouldn’t cut the deficit

By Erskine Bowles, Friday, August 10, 8:17 AM

Erskine Bowles, who served as chief of staff to President Bill Clinton, was co-chairman of the National Commission on Fiscal Responsibility and Reform.

Ever since President Obama named my pal Alan Simpson co-chairman of the bipartisan fiscal commission, Al has said, “Erskine does the numbers, and I do the color.” We would not have gotten a majority of our commission members to support our panel’s recommendations without both the color and the numbers. It is as a numbers guy that I hope we see, this fall, a numbers-based debate on the debt.

. . .

This month, Romney said that his tax reform proposal is “very similar to the Simpson-Bowles plan.” How I wish it were. I will be the first to cheer if Romney decides to embrace our plan. Unfortunately, the numbers say otherwise: His reform plan leaves too many tax breaks in place and, as a result, does nothing to reduce the debt.
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