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Romney has claimed that he will give tax breaks to everyone, but make up the money by closing tax loopholes. He also claims that 47% of people not paying income tax is a bad thing.
This gives us some clues on the "tax loopholes" he wants to close. That 47% has a 0% tax liability because of tax credits: earned income credit, mortgage deductions, education deductions, dependents. A family with $50,000 a year, five kids, and a mortgage probably is in that 47% -- you can get a chunk of money taken out of your paycheck every week, and STILL have to write a check to the IRS at the end of the year, and be in the 47%. If you're self-employed, you're paying 15% of your income -- higher than the TOTAL Mitt pays on his -- right off the bat, BEFORE you're taking about income tax.
The only place Mitt COULD be talking about to close those tax loopholes is in THOSE tax credits, the ones that the working poor and the middle class use; indeed, depend upon. Romney has GOT to be talking about ending some of the following: mortgage interest deductions, education credits, medical expense deductions, earned income tax credit. That sort of thing. That's the only stuff that fits with what he's said.
This gives us some clues on the "tax loopholes" he wants to close. That 47% has a 0% tax liability because of tax credits: earned income credit, mortgage deductions, education deductions, dependents. A family with $50,000 a year, five kids, and a mortgage probably is in that 47% -- you can get a chunk of money taken out of your paycheck every week, and STILL have to write a check to the IRS at the end of the year, and be in the 47%. If you're self-employed, you're paying 15% of your income -- higher than the TOTAL Mitt pays on his -- right off the bat, BEFORE you're taking about income tax.
The only place Mitt COULD be talking about to close those tax loopholes is in THOSE tax credits, the ones that the working poor and the middle class use; indeed, depend upon. Romney has GOT to be talking about ending some of the following: mortgage interest deductions, education credits, medical expense deductions, earned income tax credit. That sort of thing. That's the only stuff that fits with what he's said.