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Romney's Tax Plan

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    In tonight's debate, Gov Romney promised that tax rates would come down for ALL
    and that the "middle class" would NOT pay higher taxes
    and that the top 5% income earners in this country would NOT pay lower taxes.
    He did not commit to closing any tax loopholes.
    He suggested that this might be done by capping the amount of deductions, then pulled a few different figures out of the air.
    One that I recall was $25,000. He suggested you could choose whatever deductions you wanted, e.g., education, mortgage interest, taxes, charitable donations, but the most you could take would be capped. Part of his rationale was that this lowered tax rate would protect small business owners and encourage them to create more jobs.
    Q1. - How is the "middle class" defined?
    Q2. - How many Americans fall between the category of "middle class" and the top 5%? and OMG...he made them NO promises...wouldn't want to be in that group!
    Q3. - If "small business" owners have their deductions capped at $25,000, won't that severely curtail their ability to take deductions from their business income resulting in a higher tax burden on them overall?
  • Are you sure you want to delete this post?
    I thought I heard Romney say he would eliminate taxes on interest, dividends, and capital gains. I have some interest income that I have to declare but I would not benfit from the other categories. I know lots of Americans have very limited savings and thus taxable int...div....much less capital gains would be little to no tax relief / benefit to them. Also never knew that the NFL could and does have NON PROFIT tax status. HUH?????.