| kaneada said: The breakdown as I see it: Romney was nervous the entire time constantly trying to over defend his points...not that he any real good ones...just recycling the Republican Bravado that has been more than debunked by fact checkers. Obama hammering on that 5 trillion dollar tax cut borders on rediculous...While I agree that Romney needs to define the loop holes and the deductions he claims will cover the cost of this, it just made Obama sound like a broken record...Overall I do think that Obama's tax plan will be more effective in the long run at this point...I personally I want to see Romney's plan on paper and see how he can possibly make up the difference 5 trillion + 2 trillion in military spending using loop holes and deductions alone... Overall both performed horribly...Romney being too defensive and Obama was clearly overconfident. |
Romney's tax plan really isn't that complicated ...
When you look at income tax rates (http://en.wikipedia.org/wiki/Income_tax_in_the_United_States) and the effective tax rate people actually pay (http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456) there is a massive gap between the two because of the impact of tax credits and deductions. For example, in 2007 the effective tax rate on the top 1% of income earners was 29.5% even though the highest income bracket is taxed at 35%.
If you lower the marginal tax rate to the effective tax rate people are actually paying and eliminated the tax deductions and loopholes that is used to lower people's tax rates the tax revenue collected would remain (practically) the same; and you wouldn't need nearly as many accountants in businesses or the IRS to make sure that people had done their taxes "correctly".
