On October 3, President
Obama and Governor Romney had their first presidential debate. During the
debate both parties told our nation what their plans and ideas were on taxes.
President Obama had pointed out that Romney’s plan has been to cut taxes for
the rich. Romney’s response to this was that he does not want to cut taxes for
the rich, he however had made the comment that "We're going to cut taxes on everyone across the country by 20 percent, including, the top 1 percent" in a debate earlier this year. In
the article below you can read a bit more about what Romney has been stating
about taxes.
What Romney has to say about Taxes
In the link below you
can see the entire video of the first presidential debate that took place this
Wednesday, October 03, 2012. You may also see what Obama had to say about his
ideas on taxes if you scroll down to the twelfth minute in the debate.
Obama believes the economy
is doing best when the middle class is doing well financially which is the
reason why he has been cutting back taxes on the middle class for the past few
years.
What President Obama said during the debate on Wednesday about Taxes
The NYT article is very confusing on the tax issue. They state that Romney wants to cut tax rates and make up for the loss of revenue by also doing away with some deductions. If Romney's plan is to make up the entire revenue loss by eliminating deductions, why wouldn't he just say he is trying to "simplify" the tax code; that seems to be what he wants to do.
ReplyDeleteSaying "we will cut everyone's taxes by 20 percent" suggests that the amount of taxes I pay will go down. However, what his plan seems to really be is keeping my actual tax payment steady while merely simplifying the process with fewer deductions.