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#11 | |||||
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Playmaker
Join Date: Feb 2007
Location: Virginia Beach
Posts: 4,347
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Re: 2012 Presidential Election (free for all edition)
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All manufacturers except the oil and gas industry get to deduct 9 percent of their revenues before calculating their tax bills. (It’s worth noting that “manufacturing” is so broadly defined that it includes newspapers and software companies in addition to producers of wind turbines and solar panels.) Though oil and gas producers get the deduction, they are singled out for a lower 6 percent deduction. Let’s review that. The oil and gas industry gets a deduction that is only two-thirds as generous as for all other manufacturers (wind turbine and solar panel manufacturers and even The New York Times, for example), yet the deduction is called a subsidy to oil and gas. The President’s proposal does not eliminate the deduction for any other industry. Ryan is for closing corporate tax loopholes. Obama and the libs like to point to his votes on Continuing Resolutions to keep the gov't running as supporting big oil....intentional gross distortions are lies in my book. Quote:
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Review & Outlook: The Romney Hood Fairy Tale - WSJ.com Romney's at the top of the ticket, here's his plan and it reduces Federal Tax Rates for ALL Americans. " The heart of Mr. Romney's actual proposal is a 20% rate cut for anyone who pays income taxes. This means, for example, that the 10% rate would fall to 8%, the 35% rate would fall to 28% and all the brackets in between would fall as well. The corporate tax would fall to 25% from 35%. The plan says these cuts would be financed in a revenue-neutral way. First, by "broadening the tax base," which means reducing or eliminating tax deductions and loopholes as in the tax reform of 1986. The Romney campaign doesn't specify which deductions—no campaign ever does—but it has been explicit in saying that the burden would fall most on higher tax brackets. So in return for paying lower rates, the wealthy get fewer deductions." Oh and this on Obama's plan: A report commissioned by pro-business groups including the United States Chamber of Commerce and prepared by accounting firm Ernst and Young found raising tax rates for high-income taxpayers could decrease output in the long-run by 1.3 percent of $200 billion and lead to a drop in employment by 0.5 percent or 710,000 jobs. Quote:
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"I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' — Jack Kent Cooke, 1996. |
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