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Dreamsglore wrote:reaper1948 wrote:Here's a fact check for you:
ROMNEY: Let me repeat what I said, I'm not in favor of a $5 trillion tax cut. That's not my plan. My plan is not to put in place any tax cut that will add to the deficit.
What is Romney's plan?
He has proposed making the Bush tax cuts permanent for all income levels -- then cutting all rates by an additional 20 percent. He would also repeal the alternative minimum tax and permanently repeal the estate tax.
The non-partisan Tax Policy Center concluded that Romney's tax plan would cost $4.8 trillion over 10 years.
Romney said -- once again tonight -- that his plan would be paid for by closing loopholes in the tax code and by getting rid of some tax deductions and credits. But he has repeatedly declined to say which deductions he'd eliminate, saying he'd work with Congress to make those decisions.
This is what I'm saying.As somebody who does taxes, if Romney gets rid of tax deductions only for the rich there is no way he is going to reduce the deficit.He is talking about getting rid of the credits and exemptions the middle class get like the mortgage interest deduction and the child care tax credit and earned income credit.Those are huge for the middle class and poor. By taking these away I will pay more in taxes.That's a fact.The only deductions I get is the mortgage interest and the credit for 401k which is not a big deduction. If anyone for a minute believes he is going to lower taxes this way is just really clueless.
No, he didn't say that he would end deductions for middle income people. He indicated an income cut off point, but did not specify what that would be. I would like to see specifics, too, but you cannot expect such specifics from either Obama or Romney when they only have 2 minutes to respond and then they are not only trying to get their ideas across, they are trying to rebut what their opponent just claimed.
