Pressed during Wednesday’s presidential debate to explain how he would pay for the huge income tax cut he has proposed, Mitt Romney said he would consider a cap on the amount of charitable donations, home mortgage interest, state and local tax payments, and other expenses taxpayers can claim on their returns.
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Doesn't the alternate minimum tax effectively already do this?
The press refuses to acknowledge the simple fact of life: when tax rates go down, you have more employed people, and they pay more taxes. When tax rates go down, tax revenues go up. Simple stuff. You should try it, unless you like to waste another four years spinning your wheels and going absolutely nowhere...
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Article says: "Some owners of homes with high mortgages and residents of Massachusetts and other states with high income or property tax rates would be particularly vulnerable, tax analysts say." How can that be? Haven't we been told recently that "Taxachusetts" is a thing of the past; that our taxes are LOWER than in many other states?
Doesn't matter much what Romney's preferred details are. The details will be hashed out in congress and with the senate. Romney's bill won't come out of the process the way it went in anyway.