Taxes= Income - Deductions * Rate. Given an income of 100,000 and the standard deduction of *5,800*
100,000 * 20% 20,000 tax paid 100000 - 5800 * 34% 32,028 tax paid or a roughly 12K tax cut Given an income of 1,000,000 and the standard deduction of *5,800* 1,000,000 * 20% 200,000 tax paid 1,000,000 - 5800 * 34% 338,028 tax paid or a roughly 137K tax cut Most people in this bracket itemize so their deduction would be greater but even if you make it 20% of their income, which is what Mitt is claiming this year. you would have 1,000,000 - 200,000 * 34% 272,000 tax paid. or a roughly 72K tax cut If you eliminated all of the deductions, the tax cut to flat 20% rate would not produce enough revenue to pay off the debt, but would in fact be revenue negative. Romney/Ryan is not explaining it because it doesn't add up. The Obama plan to tax the rich won't fix the problem either. You could tax every taxpayer in this country 50% and at current spending levels it would still take 10 years to pay to balance the budget. Arithmetic. On Fri, Oct 12, 2012 at 5:19 PM, Eric Roberts < [email protected]> wrote: > > That's the only way that the Romney/Ryan plan would be able to be > accomplished. FI there is truly another way, no one knows as they are not > releasing details. If they don't want speculation, they should release > details. This secret squirrel bullshit isn't a good leadership quality. > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:356070 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
