Regarding Romney's trial balloon about limiting deductions
He is hardly anyone to listen to about anything. Romney did not say he would favor a limit on deductions. He said it could be considered. Obviously, limiting deductions to charity would cause a huge increase in Romney's tax bill. That he is willing to consider a measure that would raise his tax liability a huge amount says a lot about his character.
it says nothing about the character of a man as wealthy as Romney is. Another group of people who would be seriously hurt by a cap on deductions are those facing truly hefty medical bills for dread illnesses and such. Are these the kind of people who we want paying added taxes? The Romney trial balloon may SOUND as if it's the wealthy who will bear most of the brunt when in fact it's charities and those facing big medical bills.
So let's see the gems that Romney came up with in the debate:
1) He wants better schools and teachers and smaller classes. Only one problem - how to pay for them.
2) He' wants to "champion" small business. Whether tax breaks create more revenues through more jobs in not clear.
3) He wants to limit deductions. At the expense of charities and those paying hefty medical bills.
4) He wants to crack down on China if they cheat. Who doesn't want to crack down on them - but realities have to be considered.
5) He likes coal. Wowza - I'm really impressed.
Oh yes - Romney also couldn't resist mentioning the "inalienable right to life bestowed by the Creator." We all know what he meant by that - no abortions even in cases of rape and incest. Obama should have slammed him for that one.
That he is willing to consider a measure that would raise his tax liability a huge amount says a lot about his character.
It says he is a clever shyster. I cannot believe how naive and stupid you are. He is simply proposing something he knows would never, ever get passed into law for purely political gain. Now, if he had proposed that long-term Capital Gains be taxed as ordinary income, I would be impressed. But to say he is willing to consider something which has a snowball's chance in Heck to pass is disingenuous at best.
Any you are an idiot for not being about to see through it.
Which, by the way, please explain why earnings that are achieved by working on a job should carry a higher tax rate than earnings received by sitting on your butt and letting an investment grow through other peoples' efforts? Why penalize the person whose income comes from actual work?
Similar revision of the tax law took place during the Reagan administration. So much for such legislation not getting passed. If you want an explanation concerning the variance in tax rates, you need to take that up with your representative in Congress. Your personal remark is indicative of your lack of ability to put forth a convincing argument.