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Understanding Romney's
Approach to Taxes

American.com, by Steve Conover

Original Article

Posted By:eagleblurst, 11/2/2012 11:43:34 AM

Republican presidential candidate Mitt Romney has made tax reform a centerpiece of his campaign. His catchphrase description of the proposal is “lower the rates and broaden the base,” a concept that enjoys support not just from other Republican candidates, but also from Federal Reserve Chairman Ben Bernanke and the Bowles-Simpson Fiscal Commission. But that catchphrase immediately introduces a problem: for the most part, only wonks know what “broaden the base” means. What follows is a two-step clarification of the concept.

      


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Reply 1 - Posted by: avikingman, 11/2/2012 12:04:30 PM     (No. 8982366)

Mr. Conover knows his stuff. Before becoming affiliated with American.com, he had his own site http://www.optimist123.com

Lots of good info and charts there, somewhat dated but excellent reference/collateral. His Money Series is very good.


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Reply 2 - Posted by: 901AtTheRiver, 11/2/2012 12:17:29 PM     (No. 8982406)

Everyone must pay a fair share. Zero is not a fair share.

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Reply 3 - Posted by: dvc, 11/2/2012 1:14:48 PM     (No. 8982553)

Phase out the falsely named "Earned Income Credit" - which is totally UNEARNED welfare.

EVERY SINGLE working person should pay SOME income tax. Everybody has to have some 'skin in the game'.
Minimum INCOME tax percentage should be about 5%, aside from FICA.

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Reply 4 - Posted by: tocsin, 11/2/2012 1:37:55 PM     (No. 8982604)

#3-Almost completely agree with you.
FICA should be phased out also.
Replaced with a 401K type plan owned by the employee(or self-employed) which is portable and can be passed on, tax free, to our heirs.

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