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Behind Closed Doors, Romney Pushes Eliminating Tax Deductions For the Rich

Tinsldr2 Wrote: Apr 16, 2012 11:30 AM
The article highlights why I prefer the Fair Tax or a version of a Flat Tax with no deductions or personal deductions only for family members. But we know the flat tax proposals will not pass Congress until we have major changes there and we can not do a FAIR TAX with out an amendment repealing the 16th. It is good to see Romney talking cutting departments and specifics while lowering tax rates. Eliminating deductions is a good way to keep the revenue neutral (or raising revenuw from expanded economy) while lowering tax rates and shrinking spending. But the key must always be the shrinking of spending. We simply can not manipulate enough of the Tax Code to get to a balanced budget. But the
Marc_H Wrote: Apr 16, 2012 11:51 AM
sorry no

i refuse to pay taxes on money that i have in the bankm that i have already paid taxes on, paying more taxes when i spend it

not a chance
wdwrkr Wrote: Apr 16, 2012 12:14 PM
Marc_H,

You're totally wrong. With our current tax system the price of products/services already has embedded within them a whole range of taxes that were paid by producers/intermediaries. When you by a product, you are re-imbursing those taxes to the seller. These taxes are hidden. With the Fair Tax plan the price of goods/services will be reduced, and then, a sales tax will be imposed. The end result is that you will pay exactly the same total price.
One of the biggest criticisms that Mitt Romney has received over his tax reform plan is that he proposes huge new tax cuts without a means of making up for lower government revenue. With many Republicans expressing concern over the federal deficit and mounting government debt, that could be a weakness for Romney.

In a closed-door meeting with donors yesterday, Romney floated the idea of closing a few of the biggest deductions that benefit high-income households. NBC's First Read reports:

In a speech to donors in the backyard of a private home here, the former Massachusetts governor and...