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| Romney will take away your deductions and exemptions |
Romney the tax simplifier, tax leveler, tax back-tracker, tax flip-flopper, uncertain tax trumpeter was on display in Ohio this week, posing himself as a clear and present danger to the tax code's many indispensable props to middle class family life, including not just the mortgage interest deduction but also for the first time "exemptions".
The last time a Republican talked this way was in 1986 when Ronald Reagan took away deductibility of credit card interest in exchange for lower overall rates.
Those rates lasted until Clinton, when they were raised. But deductibility of credit card interest? That never came back, and never will.
The same thing is going to happen to the home mortgage interest deduction, and possibly to "married filing jointly" and other such provisions of the current tax code. You'll get lower rates . . . for a while, until they have to raise them.
And then the protections of the current provisions will be absent, exposing you to the full force of increased tax rates.
The fat cats from The Wall Street Journal and Forbes Magazine to Rush Limbaugh, Mitt Romney, the Libertarians and the Simpson-Bowles crowd all want their greedy little hands on more revenue from the middle class . . . so they don't have to pay as much. It's just that simple.
And they are betting you are so stupid that you will vote for that!
There is nothing wrong with the current code which spending cuts cannot fix.
Story and video here.
