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Both candidates gave a good performance at last night's debate. Prez Obama showed his consistent attitude of restraint and quiet confidence. Romney was a bit more on the attack, attempting to ruffle the Prez's feathers, but as the contender he's supposed to.
Regarding the tax plan that Romney spoke of though, specifically his suggestion to make interest, dividends & ca
pital gains tax free to those who earn under $200,000 a year: It sounds great as a sound bite doesn't it? Sadly, very few people in the American working class have enough left in investments, after the 2008 market crash, to earn enough in interest, dividends & cap gains to make this promise meaningful to most Americans, especially considering the trade offs.
Eliminating itemized deductions like the home mortgage deduction? This would be crippling to the housing industry! Not the move of a job creator. Another big oops, my bad, I didn't mean what I said by Romney. Or is it? Either he just hasn’t thought about the repercussions, or he just doesn’t care. What do you think?
Eliminating charitable deductions would be equally devastating to the country's nonprofits, who would have double the load after the contender's proposed cuts to planned parenthood, PBS & other social programs.
This tax plan seems like an attempt at justifying Romney's proposal to continue the Bush era, 10-15% tax rates on capital gains for those earning over $200K. It is excellent PR, but it’s effect will be to increase taxes on anyone who currently uses either the home mortgage interest or charitable deductions, which happens to be the middle class. It simply does not help people in the middle class, it hurts it. Watch the debate & judge for yourself. http://youtu.be/HxRQm-3bzf0
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