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4. Articles critiquing the “6 independent studies”. 5. Other articles critical of Romney Tax Plan. 6. IRS Tax Data. PolitiFact article areas that the Feldstein and Rosen studies used 2009 taxes data. In Feldstein’s Wall Street Journal article, he says the following: The main element question elevated by the Romney plan’s critics is whether this income reduction can be offset by broadening the tax foundation of high-income individuals. It really is impossible to calculate the exact effects of the future reforms since Gov. Romney hasn’t specified what he would do. But refuting the Tax Policy Center’s assertions doesn’t require that. 636 billion in itemized deductions?
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191 billion-more than enough to offset the revenue losses from the average person income tax slashes suggested by Gov. 191 billion revenue gain shown in the rightmost column. The first step in testing this contention is to confirm Feldstein’s numbers. I possibly could not confirm the real amounts accompanied by asterisks in the IRS data. However, those numbers have a small effect on the final numbers relatively. 186 billion is due to Feldstein’s assertion that “past experience shows that taxpayers do react to lower marginal tax rates by acting with techniques that increase their taxable incomes”. Regarding this assertion Washington Post columnist Ezra Klein says the following: Feldstein assumes pretty large, and very positive, development and behavioral results from the taxes cuts.
But he doesn’t believe negative effects. Most models – including, as it is known by me, TPC’s – assume that as you cut deductions, taxpayers who were managing their finances to take benefit of those deductions stop doing that. Which makes the deductions effectively well worth less money, and makes it harder to pay for tax slashes.
In any case, Feldstein’s other numbers carefully match the IRS figures aside from one. 950 billion for all those taxable comes back. 4 billion on the projected revenue loss. 191 billion, however. First of all, Feldstein mentions in his follow-up post that critics have pointed out that the “30 percent marginal tax rate is too high for these taxpayers because of the 20% Romney rate reduction”.
250,000 and less. So number one, don’t reduce- or excuse me, don’t raise fees on middle-income people, lower them. 82 billion in increased income. 200,per year 000. In addition, the table above shows the main element deductions that could need to be severely limited. They might be chiefly be the deductions for home mortgage interest, condition and local fees, real estate fees, and charitable contributions.
Note: There’s a discussion of the post at this link. Posted by R Davis at 12:22 PM 2 feedback Email ThisBlogThis! 126,400 in 2007, the Fed said. The crash of casing prices accounted for three-quarters of the loss directly. The tables at this link are extracted from the SCF and show these numbers are in constant 2010 dollars. The following graph shows these inflation-corrected numbers since 1989: As is seen, the top ten percent has such a higher relative net well worth that the changes in the lower percentiles are difficult to discern.