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In Response to Re: GOP focusing on income tax reform:
And I get my information about the effort to flatten the tax code from GOP proposals. Do you remember the tax "simplification" that Romney and Ryan were pushing during the election? They wanted three tax rates, with 25% being the top rate. That means that the wealthy would pay 9% less BY STATUTE on their income over $1 million. That 25% rate would not bring in enough money, even if you capped all their deductions and reformed abominations like the carried interest loophole for private equity managers.
Wake up and use your head. If the top rate was 25% and there were no loopholes or deductions the wealthy would be paying in a lot more. Currently their effective rates average from 15% to 20% on a top marginal rate of 35%. There are 6 marginal tax rates, 10%,15% 25%, 28%, 33% and 35%. I don't care which top marginal rate you're in you don't pay that percentage of your earned income because it is a progressive rate system, full of reductions and tax credits. Example, a family with 3 children and an earned adjusted gross income of $37K which falls in the marginal rate of 25%, using only the standard deduction instead of itemizing, 5 exemptions and 3 child credits with no other credits will pay nothing in and receive $2300 from the government. That's effectively the same as receiving a $2300 welfare check. If the same family had made $67000 they they would have paid $12781 which is 19.1% of their adjusted income, still far from the 25% marginal rate and chances are they would have had more deductions with that higher income if they had itemized, giving them a lower effective rate yet.
The information espouse is concocted by your Liberal interpretation of the GOP proposals. They are not the actual GOP proposals. Romney is so far advanced over Obama in the field of economics that it's pathetic. Romney has created successful business models, Obama never been in a business situation and it is doubtful that you have either. Simplifying the tax code would put everyone on a level playing field, there would be no gimmies to favored wealthy corporations or deductions for people who decided to buy an eletric car or a first home, No one who didn't pay in would receive a tax welfare check as well as a deduction for a child thus double dipping the system. The people would save billions each year by doing their own taxes and Corporations would save trillions in tax lawyers and accountants fees.
Posted by concerned75
Tell us why Romney lost. Could it be there were more thinking people than far right unthinking people. I think there were more thinking people who voted, and that was the end of Romney. Romney had not a clue on the subject just like the rest of the Reb. Our President has it all over him on this and all other subjects. That is why he won. The Romney ideas were proved not to work by all of the thinking experts. Only the FOX News people said they would work, and they said he would be elected. Nice try but you struck out again.