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Demand answers on Romney’s tax plans

September 24, 2012
The Marietta Times

By now, I assume everyone has heard that Gov. Mitt Romney promises to cut our marginal tax rates by 20 percent. Sounds great! A family who makes $1 million/year would see a tax cut of $161,000. With an annual income of $50,000, you could save $1,200. However, Romney has promised to eliminate tax deductions to make up for this new $5 trillion hole in the federal budget over 10 years. Last Sunday on Meet The Press, he said that he would announce which deductions he would eliminate - after the election. It would confuse the voters to talk about them now. An effort to protect the home mortgage interest deduction from elimination was defeated in the Republican party platform in Tampa because Romney's campaign opposed it. I encourage everyone to look at your last year's tax return and you will find that your mortgage interest tax deduction saves you more than a 20 percent reduction in your marginal tax rate. George Will and other respected conservatives, have confirmed that the deductions for charitable donations and local/state taxes would also have to be eliminated for the plan to work. The independent Tax Policy Council did the math for us. After the elimination of these popular tax deductions, the typical million dollar family would see a tax cut of only $100,000 instead of $161,000, at $250,000/year - you break even, and the average family making $50,000/year would see a $2,000 tax increase instead of a tax cut. Could this be why Romney won't outline his tax reform plan before the election? Demand answers before you vote on Nov. 6.

 
 

 

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