Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
This Is Your Last Chance to Dump Netflix Stock - 19th July 19
Gold and US Stock Mid Term Election and Decade Cycles - 19th July 19
Precious Metals Big Picture, as Silver Gets on its Horse - 19th July 19
This Technology Everyone Laughed Off Is Quietly Changing the World - 19th July 19
Green Tech Stocks To Watch - 19th July 19
Double Top In Transportation and Metals Breakout Are Key Stock Market Topping Signals - 18th July 19
AI Machine Learning PC Custom Build Specs for £2,500 - Scan Computers 3SX - 18th July 19
The Best “Pick-and-Shovel” Play for the Online Grocery Boom - 18th July 19
Is the Stock Market Rally Floating on Thin Air? - 18th July 19
Biotech Stocks With Near Term Catalysts - 18th July 19
SPX Consolidating, GBP and CAD Could be in Focus - 18th July 19
UK House Building and Population Growth Analysis - 17th July 19
Financial Crisis Stocks Bear Market Is Scary Close - 17th July 19
Want to See What's Next for the US Economy? Try This. - 17th July 19
What to do if You Blow the Trading Account - 17th July 19
Bitcoin Is Far Too Risky for Most Investors - 17th July 19
Core Inflation Rises but Fed Is Going to Cut Rates. Will Gold Gain? - 17th July 19
Boost your Trading Results - FREE eBook - 17th July 19
This Needs To Happen Before Silver Really Takes Off - 17th July 19
NASDAQ Should Reach 8031 Before Topping - 17th July 19
US Housing Market Real Terms BUY / SELL Indicator - 16th July 19
Could Trump Really Win the 2020 US Presidential Election? - 16th July 19
Gold Stocks Forming Bullish Consolidation - 16th July 19
Will Fed Easing Turn Out Like 1995 or 2007? - 16th July 19
Red Rock Entertainment Investments: Around the world in a day with Supreme Jets - 16th July 19
Silver Has Already Gone from Weak to Strong Hands - 15th July 19
Top Equity Mutual Funds That Offer Best Returns - 15th July 19
Gold’s Breakout And The US Dollar - 15th July 19
Financial Markets, Iran, U.S. Global Hegemony - 15th July 19
U.S Bond Yields Point to a 40% Rise in SPX - 15th July 19
Corporate Earnings may Surprise the Stock Market – Watch Out! - 15th July 19
Stock Market Interest Rate Cut Prevails - 15th July 19
Dow Stock Market Trend Forecast Current State July 2019 Video - 15th July 19
Why Summer is the Best Time to be in the Entertainment Industry - 15th July 19
Mid-August Is A Critical Turning Point For US Stocks - 14th July 19
Fed’s Recessionary Indicators and Gold - 14th July 19
The Problem with Keynesian Economics - 14th July 19
Stocks Market Investors Worried About the Fed? Don't Be -- Here's Why - 13th July 19
Could Gold Launch Into A Parabolic Upside Rally? - 13th July 19
Stock Market SPX and Dow in BREAKOUT but this is the worrying part - 13th July 19
Key Stage 2 SATS Tests Results Grades and Scores GDS, EXS, WTS Explained - 13th July 19
INTEL Stock Investing in Qubits and AI Neural Network Processors - Video - 12th July 19
Gold Price Selloff Risk High - 12th July 19
State of the US Economy as Laffer Gets Laughable - 12th July 19
Dow Stock Market Trend Forecast Current State - 12th July 19
Stock Market Major Index Top In 3 to 5 Weeks? - 11th July 19
Platinum Price vs Gold Price - 11th July 19
What This Centi-Billionaire Fashion Magnate Can Teach You About Investing - 11th July 19
Stock Market Fundamentals are Weakening: 3000 on SPX Means Nothing - 11th July 19
This Tobacco Stock Is a Big Winner from E-Cigarette Bans - 11th July 19
Investing in Life Extending Pharma Stocks - 11th July 19
How to Pay for It All: An Option the Presidential Candidates Missed - 11th July 19
Mining Stocks Flash Powerful Signal for Gold and Silver Markets - 11th July 19
5 Surefire Ways to Get More Viewers for Your Video Series - 11th July 19

Market Oracle FREE Newsletter

Top AI Stocks Investing to Profit from the Machine Intelligence Mega-trend

Romney Tax Plan Details Still a Mystery Despite All the Talk

ElectionOracle / US Presidential Election 2012 Oct 17, 2012 - 01:09 PM GMT

By: Money_Morning

ElectionOracle

Best Financial Markets Analysis ArticleDiane Alter writes: While GOP presidential hopeful Mitt Romney has provided a bit more information on his tax plan, many key details are still missing - meaning it's tough to figure out exactly what you'd owe Uncle Sam if Romney wins Election 2012.

Romney and vice-presidential running mate Rep. Paul Ryan, R-WI, have outlined several broad Romney tax plan goals: do not increase the deficit; do not raise taxes on middle income taxpayers; and do not reduce the share of taxes paid by higher-income Americans.


Romney also has repeatedly made it known he favors an extension of the Bush-era tax cuts for all income levels.

Ryan has said a Romney administration would be able to work with Democrats in Congress to pass a tax re-write, which includes a 20% reduction in individual tax rates across the board, a 10% reduction for businesses and a 20% cut in the top tax rate from 35% to 28%. (President Barack Obama plans to raise that rate to 39.6%).

But neither Ryan nor Romney has yet to give full details on which tax breaks will be scaled back to avoid adding to the mushrooming federal deficit, which topped $1 trillion in 2012 for the fourth straight year.

The lack of Romney tax plan details prompted President Obama to call it "sketchy" at the second presidential debate.

"Governor Romney was a very successful investor," said the president. "If somebody came to you, governor, with a plan that said, here, I want to spend $7 or $8 trillion, and then we're going to pay for it, but we can't tell you until maybe after the election how we're going to do it, you wouldn't have taken such a sketchy deal and neither should you, the American people, because the math doesn't add up. We haven't heard from the governor any specifics beyond Big Bird and eliminating funding forPlannedParenthood in terms of how he pays for that."

Romney Tax Plan: Where's the Money Coming From?
Ryan recently spoke in defense of the GOP's stance to not reveal which deductions would be cut.

"What we've learned from experience -Mitt's experience as governor, my experience doing tax law-is that you don't go to Congress and say, "Take it or leave it; here's my plan-pass it,'" said Ryan. "You say, "Here's my framework, here's my objective. Now, let's figure out together how to accomplish these objectives.' That's how you maximize the possibility of getting things done."

Supporters of President Obama were quick to weigh in.

"Mitt Romney and Paul Ryan are hiding the specifics of their tax plan, because the math doesn't add up without a middle-class tax hike, plain and simple," Danny Kanner, an Obama campaign spokesperson told The Wall Street Journal.

According to President Obama's camp, the estimated $5 trillion in cuts (what they'd cost over a decade) that Romney has promised cannot be recouped without cutting deductions and other tax breaks that mostly benefit the middle and upper middle class. These include deductions for home mortgage interest, charitable giving, state and local taxes, and the exclusion for employer-paid health insurance, according to President Obama's campaign.

Roberton Williams of the Washington-based Tax Policy Center told the Washington Post, "You can't do all those things. The rich get such savings from the rate cuts that there just aren't enough tax breaks that benefit them that taking them away would recoup the full lost revenue from the tax rates."

In order to make up the money not coming in from higher taxes - something no taxpayer wants to see - the Romney tax plan relies on new revenue from economic growth.

But for that strategy to work, U.S. economic growth needs to improve substantially over what we've seen in the last two years.

Ryan's Role in the Romney Tax Plan
Ryan said in an interview Saturday at Ohio's Youngstown State University that if he and Romney win Election 2012, he will take the lead in working with Congress on fiscal matters.

"This is one of the reasons why he asked me to sign on," Ryan added.

As chairman of the House Budget Committee, Ryan has lobbied to reduce runaway federal spending and revamp numerous entitlement programs.

"It was because of my leadership and the reforms I'd been pushing that he asked me. He said, "I need help. I want your help to help me save this country from a debt crisis, to get this economy back on track,'" said the Wisconsin congressman.

While Ryan maintains a Romney Election 2012 win would encourage a tax deal with Congress, don't expect any progress before the end of the year. Ryan believes now is not the time to press the matter.

"We shouldn't be negotiating the details of tax reform in the middle of a campaign," Ryan said.

Source :http://moneymorning.com/2012/10/17/romney-tax-plan-details-still-a-mystery-despite-all-the-talk/

Money Morning/The Money Map Report

©2012 Monument Street Publishing. All Rights Reserved. Protected by copyright laws of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), of content from this website, in whole or in part, is strictly prohibited without the express written permission of Monument Street Publishing. 105 West Monument Street, Baltimore MD 21201, Email: customerservice@moneymorning.com

Disclaimer: Nothing published by Money Morning should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investent advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication, or after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended by Money Morning should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.

Money Morning Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules