Romney tax plan would save him $5 million.

WASHINGTON — To see where the presidential candidates stand on taxing the rich, just look at how they'd tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama's tax plan. For a man of Romney's means, that could save almost $5 million a year.

Romney wants to lower current tax rates for everyone by 20 percent. This benefits the wealthy most: Dropping the highest bracket from 35 percent to 28 percent, for example, yields a much bigger savings for those at the top than lowering the 15 percent bracket to 12 percent brings for taxpayers in that group.

http://www.huffingtonpost.com/2012/06/0 ... d%3D166849

Will Romney create jobs with his extra $5 million? I seriously doubt it. More likely it will end up in Switzerland or the Cayman Islands.

Let us know when Romney does something illegal with his money....otherwise, you are just an LJ clone. Congrats on your evolution.

CritiKalbILL wrote: Let us know when Romney does something illegal with his money....otherwise, you are just an LJ clone. Congrats on your evolution.

Truth hurts doesn't it.

And thanks for the compliment....

Really bill.....for some reason you have turned into the insult king of the board, I'm not sure why, but I find it curious that a few weeks ago you were asking for civility, then proceeded to become as un-civil as you possibly could.

What a novel idea, reward the people who create jobs. Mitt could have sat on his dad's money and been an idle playboy but instead, he gave away his dad's money and worked to make new money and used it to build up companies in need of money and also turn around an Olympic games.

What did Obama do? Smoked, taught some law classes. did community activism which no one ever discusses.

archer wrote:

CritiKalbILL wrote: Let us know when Romney does something illegal with his money....otherwise, you are just an LJ clone. Congrats on your evolution.

Truth hurts doesn't it.

And thanks for the compliment....

Really bill.....for some reason you have turned into the insult king of the board, I'm not sure why, but I find it curious that a few weeks ago you were asking for civility, then proceeded to become as un-civil as you possibly could.

Well, which is it, Compliment or Insult?

Mary Scott wrote:

archer wrote:

CritiKalbILL wrote: Let us know when Romney does something illegal with his money....otherwise, you are just an LJ clone. Congrats on your evolution.

Truth hurts doesn't it.

And thanks for the compliment....

Really bill.....for some reason you have turned into the insult king of the board, I'm not sure why, but I find it curious that a few weeks ago you were asking for civility, then proceeded to become as un-civil as you possibly could.

Well, which is it, Compliment or Insult?

He posted it as an insult....I'll take it as a compliment....

archer wrote:
He posted it as an insult....I'll take it as a compliment....

the conservatives here can sling whatever manure they want around, it's that kind of board. But it just reminds me of the whole playground thing...."sticks and stones......." well you probably know the rest. I used to be annoyed by their constant berating anyone and everyone who disagrees with them, but no more. Life is too short to let a bunch of whiners and complainers affect the serenity of the mountains and the joy of summer.

Carry on Mary.....hope you have a good night :thumbsup:

Archer, if you read the whole article you posted you'd see that Romney also proposed eliminating deductions and credits which would mean he'd save $3.5 million instead of the $5 million you posted. And Obama would save too, but it would be less since he makes less, not that you mentioned that either. OK, an honest mistake, you were only off by 30%

We also had Science Chick's post about some of those making over $200K (about 1% of them) a year who pay no federal income tax. As I pointed out there, the biggest fix would be to get rid of deductions and credits.

Romney proposes getting rid of deductions and credits. That gets rid of a lot of inequalities in taxes, and makes taxes far simplier to do as well. But I do think Romney's tax cut proposals are far too agressive. I don't see the spending cuts he has proposed cover them, let alone paying off the huge debt we have which has increased a huge amount under Obama.

So can we agree to get rid of deductions and tax credits? And I'm not a flat tax fan. I'd reduce tax brackets to 2 or probably 3.

Obama on the other hand just wants to make taxes more complicated with his taxes directed at certain groups. And I don't see Obama's plan for paying off the debt either (and no plan for Social Security or Medicare as well).

I was going by several articles I read on the same subject.....sorry if I missed something I should have caught. But I agree with you.....

I was cleaning old stuff out of my office last week including my old tax code books....they are big, with tiny print, and don't make sense even to the teams of tax lawyers who supposedly wrote them. Revisions of our tax code is LONG overdue, and yes, I favor a graduated tax with fewer brackets and minimal deductions/credits. I think there will always be some. Right now, and I am basing this on my experience working with taxes for both individuals and businesses, the code is heavily weighted to favor the wealthy......that's just the way it has evolved. Those with the most influence and the best CPAs get the biggest breaks.

archer wrote:

CritiKalbILL wrote: Let us know when Romney does something illegal with his money....otherwise, you are just an LJ clone. Congrats on your evolution.

Truth hurts doesn't it.

And thanks for the compliment....

Really bill.....for some reason you have turned into the insult king of the board, I'm not sure why, but I find it curious that a few weeks ago you were asking for civility, then proceeded to become as un-civil as you possibly could.

You just made my point. If you're going to emulate or applaud the biggest hater on this board, you're going to be treated the same way. I would do the same thing to someone who is buddies with a racist. Try the ignore feature...it really works well.