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Turns out, my $18K lost income, that was "economy tax"
Posted: Oct 4, 2012
x
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Well, he'd "fix" government all right, but weakening it and - stroking business would not help us at all.NM
[ In Reply To ..]x
Your opinion please... - SK1
[ In Reply To ..]How do you see Romney weakening government?
Do you think that supporting the business environment does not improve the economic climate and job creation?
SK1, We've had 35 years of canceling regulation and "getting off - the backs of business." And here we are. SM
[ In Reply To ..]A billionaire class. Economy severely damaged, destabilized, and dreadfully in debt. Middle class poorer and shrinking, number of poor soaring. Nation in eclipse, challenged by dozens of developing countries.
But can't blame it all on that giant sucking sound or our stupidity in dismantling our own protections against predators. We have to consider all those prosperous years we ignored our bills and voted more and more tax cuts for ourselves (not just the all the ones we voted in for the wealthy).
My problem with Mr. Romney is that, except for the big issues of the national debt, which he blames for all our problems, everything else is just the way he thinks it should be. In other words, he wouldn't have allowed the working classes our tax cuts, the one point I do agree with him on.
Thanks for your thoughts... - SK1
[ In Reply To ..]Well stated and considered. I don't ask these questions randomly -- I take great value in reading on other people's opinions to gauge where I am in my own thoughts and perhaps should be looking at other things.
I definitely agree that "big" business needs to be regulated and taxed fairly. My concern with the way things are being done now is that it impacts much smaller businesses which can ill afford to be further regulated and taxed. It's breaking the back of "the little guy," and those are the people I try to support with my pocketbook.
I agree with you too, SK1. Single exception for getting big business - out of "small business" protections.
[ In Reply To ..]That poor little small business line has been used big time to the benefit of big money. I've forgotten the number, but a really significant percentage of all small businesses is actually shell companies set up for big business to transfer money into to get small business benefits. And there are many other corrupt dodges.
Small businesses are important, do employ many, and do need considerable protection--against predation by big business. Whenever a politician starts playing the small business card, though, watch out. The fact is, little businessmen never bought a senator. Look to the money.
I have no problems whatsoever with a "billionaire class". - Well, one problem maybe.
[ In Reply To ..]I'm positively green with envy that I'm not one of them.
Just like...well, you finish it.
And after you do, show me any single economy or society in the world where there isn't or hasn't been the equivalent of a "billionaire class".
Our national wealth is a finite number, WellMaybe. Their - fortunes came out of our pockets. As for
[ In Reply To ..]them running the U.S. as their country and allowing us to serve as labor and consumers? I think you perhaps have not given much thought to the connection between this movement from a republic to an oligarchy and our problems and what it would mean for us and the futures of our children if allowed to continue.
BTW, show you a single society where there isn't a dominating billionaire class, as opposed to an occasional oddity? My DIL's, Denmark, hops to mind, consistently one of the "happiest" and most secure populations on the planet, (happiness part of which is weird considering how many hours of the year the sun is missing). Good healthcare and longer life spans too.
Believe it or not, economic wealth is NOT a zero-sum - game.
[ In Reply To ..]A healthy economy creates new wealth that is growing constantly. Check out the GDP of the United States in 1812, 1912 and 2012 - you'll see what I mean.
Sheesh - I have NO idea where some of you took Economics 101, the University of Marx, maybe?
Four econ classes at CalState. This is about wealth allocation. - We are creating it. They are pocketing it. SM
[ In Reply To ..]That's why, although our national wealth has increased tremendously over the past 35 years, we are now not only not better off than we were 35 years ago but actually poorer.
Romney told the WashPost yesterday he'd cancel the home - mortgage and charitable giving deductions. Now, I
[ In Reply To ..]maybe we simply can't afford those now as a country, but these days that first one would hurt me and I'm already hurting economically. It was meant to sweeten the pot for a prosperous middle class, but canceling it now would be yet another blow for those clinging to their homes.
The second--well, charitable enterprises would be shut down across the country. Unfortunate to put it mildly. Obamacare would cover for a lot of the medical ones, but if it's canceled or watered down?
Per the Wall Street Journal.... - SK1
[ In Reply To ..]Republican presidential nominee Mitt Romney floated details of how he might restructure the U.S. tax code, suggesting he would support a cap on deductions, including those for mortgage interest and charitable donations.
Mr. Romney offered an example of capping the total number of deductions available to a middle-class family at $17,000. He also said the cap on deductions for wealthier Americans could be less than that figure.
My husband and I have a "very" middle class income, are homeowners, and give charitably. Our total deductions still don't hit that proposed cap.
I don't think it will affect as many "middle class" Americans as opposers to the idea would have one think.
It's what he's not saying that remains - off the radar screen
[ In Reply To ..]MC voters should be using to assess the "bucket" plan. May as well factor in all deductions, such as standard (self, spouse, kids, dependents), EIC, various tax and interest expense, business use of home (are you listening IC-MTs?), and educational expense subtractions to get from gross to net....before deciding how reasonable that $17,000 cap is....unless, of course, you trust R&R to exempt those from the bucket. Considering how many blatent moderate/MC panders I saw last night that fly in the face of everything those two have been saying during the campaign until now, that trust factor is nonexistent.
Hmm.... Maybe I'm NOT middle class after all... - SK1
[ In Reply To ..]I did factor all of those things from last year and still didn't hit $17,000.
My husband's small trucking business - which we run from home
[ In Reply To ..]would go under in a heartbeat with a $17,000 cap.
My dad's,too - RC
[ In Reply To ..]I used to do the billing for my dad's trucking business. It was just him and one employee. The fuel deductions alone are astronomical.
It refers to personal income tax, not business. (nm) - SK1
[ In Reply To ..].
Let's remember something. Presidents don't enact tax laws. - Congress does.
[ In Reply To ..]Similarly with budgets. Presidents propose budgets, but Congress holds the pursestrings.
What Presidential candidates bring to the table are their ideas, philosophies, vision for the nation - and their leadership qualities. All of this gets run through the Congressional meat grinder and, just like making sausage, it's not very pretty to watch.
Jobless numbers are up again today. Obviously, we must have a change of leadership in the executive branch, but that won't fix Congress - and I'm sorry to say that I have no idea what might accomplish that unless we were to throw all of the current incumbents out, start over, and impose severe term limits on these clowns.
Serving in Congress was never meant to be a cushy - career where you became wealthy..
[ In Reply To ..]Incumbency - especially without limits - has become so valuable that it inevitably results in one form of corruption or another - some actually illegal and other forms that are only morally reprehensible but not illegal.
The staggering amount of money spent on elections these days should be sufficient to tell us what incumbency is "worth" to office-holders - and all the wake-up call that we need to begin a massive effort to enact a Constitutional amendment for term limits.
I have never understood why term limits would be a good idea for Presidents, but not for Congress.
NO, NO, NO. Didn't say that! - backwards typist
[ In Reply To ..]LIMITING or CAPPING mortgage deductions for certain individuals; i.e., at $17,000 interest deduction. Anyone with an interest rate above that wouldn't be able to take that deduction.
So if you have a mortgage where your interest is less than that, you still get that deduction.
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