888888
Council Member
How you can lower the rates for everyone 20% and get rid of deductions and then make a case that those at the top will not be any better off for it. That it will be net neutral!
What I think he is saying is that of the money collected, the wealthy will not pay any less of a % of the total pie than they did before the 20% cut.
we have 200 million people paying maybe an average $300 less, about 60 billion dollars. now this is a % of the overall amount of taxes paid in less 20%. The top 1% will get 20% tax cut that will amount to 20% less of what they are paying now.
So what Romney is saying is the overall portion of the total tax paid in,, which mostly comes from the wealthy will not change as a % of all taxes collected. Now we get to the math, since the very wealthy. the top 400 families make more than the bottom 50%, you can now give them a % cut in what you collect from them as compared to the rest of the nation as a whole and they will still be paying the same % of what is collected, it's just that what is collected is going to be a much smaller amount of taxes. Which means that the govt will have less money to pay for the things we now provide to the citizens. But the rich will provide the same % to the overall number which is much less.
So we will have to pay for defense, and the cost of the govt running but everything else can be cut or done away with as we won't have the money.
This has been the overall idea since I can remember, is to bankrupt the govt so it cannot do the things we want/need done and only do the things we have to have done.
It's like reading catch 22 all over again.
What I think he is saying is that of the money collected, the wealthy will not pay any less of a % of the total pie than they did before the 20% cut.
we have 200 million people paying maybe an average $300 less, about 60 billion dollars. now this is a % of the overall amount of taxes paid in less 20%. The top 1% will get 20% tax cut that will amount to 20% less of what they are paying now.
So what Romney is saying is the overall portion of the total tax paid in,, which mostly comes from the wealthy will not change as a % of all taxes collected. Now we get to the math, since the very wealthy. the top 400 families make more than the bottom 50%, you can now give them a % cut in what you collect from them as compared to the rest of the nation as a whole and they will still be paying the same % of what is collected, it's just that what is collected is going to be a much smaller amount of taxes. Which means that the govt will have less money to pay for the things we now provide to the citizens. But the rich will provide the same % to the overall number which is much less.
So we will have to pay for defense, and the cost of the govt running but everything else can be cut or done away with as we won't have the money.
This has been the overall idea since I can remember, is to bankrupt the govt so it cannot do the things we want/need done and only do the things we have to have done.
It's like reading catch 22 all over again.