{"id":30669,"date":"2012-10-17T22:17:05","date_gmt":"2012-10-18T04:17:05","guid":{"rendered":"http:\/\/hill-kleerup.org\/blog\/2012\/10\/17\/the-new-improved-romney-tax-plan.html"},"modified":"2012-10-18T09:25:37","modified_gmt":"2012-10-18T15:25:37","slug":"the-new-improved-romney-tax-plan","status":"publish","type":"post","link":"https:\/\/hill-kleerup.org\/blog\/2012\/10\/17\/the-new-improved-romney-tax-plan.html","title":{"rendered":"The New, Improved, Romney Tax Plan"},"content":{"rendered":"

If you take what he said last night as canon — cut income taxes 20%, cap deductions at $20K. \u00a0Result (avoiding any discussion of social or economic costs of deductions thus invalidated):\u00a0<\/p>\n

'Romney is $257 billion short, and the rest of his plan (eliminating the estate tax, eliminating investment taxes for middle-income earners, lowering the corporate tax rate) just makes things even worse. One way or another, Romney has a whole slug of revenue he needs to make up. '<\/i><\/p>\n

Fair and balanced.<\/p>\n

So, either …<\/p>\n

(a) Deductions\/credits must be capped much lower. \u00a0Meaning people who rely more on deductions\/credits more end up not seeing that "20% tax cut." \u00a0I believe that impacts the middle class a lot more, as a proportion of income, than the 5%.<\/p>\n

(b) Spending must be cut by hundreds of billions of dollars a year. \u00a0Hmmmm … wonder where Mitt will suggest that come from.<\/p>\n

(c) The deficit will climb. \u00a0Well, we know that's the greatest of all possible evils.<\/p>\n

So my bet is on (a) and (b).<\/p>\n

\n

Embedded Link<\/strong><\/p>\n

\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\tHere It Is, the World's Simplest Tax Analysis<\/a>
\n\t\t\t\t\t\t\t\t\t\t\t\tEarlier today I promised you that an analysis of Mitt Romney's tax plan from last night would be a lot easier than an analysis of his earlier plan. As you recall, his previous proposal was to cut rate…\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Google+:<\/strong> View post on Google+<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you take what he said last night as canon — cut income taxes 20%, cap deductions at $20K. \u00a0Result (avoiding any discussion of social or economic costs of deductions thus invalidated):\u00a0 'Romney is $257 billion short, and the rest of his plan (eliminating the estate tax, eliminating investment taxes for middle-income earners, lowering the … Continue reading “The New, Improved, Romney Tax Plan”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[106,99],"tags":[],"class_list":["post-30669","post","type-post","status-publish","format-standard","hentry","category-plusposts","category-elections-2012"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":28910,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/08\/13\/the-fiendishly-clever-romney-tax-plan.html","url_meta":{"origin":30669,"position":0},"title":"The Fiendishly Clever Romney Tax Plan","author":"***Dave","date":"Mon 13-Aug-12 8:45am","format":false,"excerpt":"Is fiendishly clever because, aside from some platitudinous generalities, Romney refuses to discuss it. \u00a0\"Cut social programs,\" but not which ones. \"Close tax loopholes,\" but not which ones. \"Reduce taxes,\" but not which ones or by how much. So analysts are forced into guesswork -- and even there, the results\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":133353,"url":"https:\/\/hill-kleerup.org\/blog\/2017\/04\/26\/on-the-the-trump-tax-plan.html","url_meta":{"origin":30669,"position":1},"title":"On the The Trump Tax Plan","author":"***Dave","date":"Wed 26-Apr-17 2:45pm","format":false,"excerpt":"Nobody likes taxes, whether or not they pay for our living in \"a civilized society.\" I mean, I didn't particularly care for cutting a check for income tax this year, nor the deductions that come out of paychecks.That said, taxes are a necessary thing, and so when someone promises to\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/hill-kleerup.org\/blog\/wp\/wp-content\/uploads\/2017\/04\/trump%2Btax%2Bplan.jpgimgmax%3D660.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":30486,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/10\/05\/capping-tax-deductions.html","url_meta":{"origin":30669,"position":2},"title":"Capping tax deductions","author":"***Dave","date":"Fri 5-Oct-12 6:34am","format":false,"excerpt":"Romney's new plan to ostensibly let him lower tax rates while keeping revenues neutral by capping deductions sounds attractive on the face of it. It lets him claim to be revenue neutral (though see below) while not taking any heat for killing any particular sacred cows.But, once again, there are\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25776,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/01\/28\/romney-tries-being-not-so-rich-and-tax-coddled.html","url_meta":{"origin":30669,"position":3},"title":"Romney tries being not so rich and tax-coddled","author":"***Dave","date":"Sat 28-Jan-12 10:50am","format":false,"excerpt":"Or at least tries convincing us he's not, by incorrectly mauling numbers to make it seem like he's paying 50% income tax.Only in your worst dreams, Mitt.He must be getting really worried about Newt. #ddtbReshared post from +David McGirrMitt Romney attempting to backpedal. He is failing.He's saying that he pays\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6617,"url":"https:\/\/hill-kleerup.org\/blog\/2004\/08\/12\/a_representatio.html","url_meta":{"origin":30669,"position":4},"title":"A representation on taxation","author":"***Dave","date":"Thu 12-Aug-04 8:27am","format":false,"excerpt":"Up-front caveat: I am neither an economist (nor do I play one on TV), nor have I done a tremendous amount of study on this matter. But since it's an...","rel":"","context":"In "Politics & Law"","block_context":{"text":"Politics & Law","link":"https:\/\/hill-kleerup.org\/blog\/category\/politics-law"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30196,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/09\/10\/romneys-tax-plan-trust-me.html","url_meta":{"origin":30669,"position":5},"title":"Romney's tax plan: "Trust me!"","author":"***Dave","date":"Mon 10-Sep-12 8:47am","format":false,"excerpt":"Is it that he's just sure that, on principle, he can net-net cut taxes for everyone, or that he just doesn't know what sort of cuts and deduction changes he will propose, or that he's afraid if he gets specific then people will get angry with him?'Mr. Romney\u2019s tax proposal\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/30669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/comments?post=30669"}],"version-history":[{"count":0,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/30669\/revisions"}],"wp:attachment":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/media?parent=30669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/categories?post=30669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/tags?post=30669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}