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Life insurance concessions
Some TPC defenders are prepared to concede this one could be back on the table.
RELATED ARTICLES
Explain
⌅
Visualizing the Romney Tax Debate
Visualizing the Romney Tax Debate☜Tax reform has emerged as a major bone of contention in the 2012 Presidential election campaign. While President Obama has identified some tax changes, Governor Romney proposes major systemic reform. But is his plan - especially the proposals for individual taxation - viable?☜F1CEB7
⌃
Romney's plan stated
Romney's plan stated☜For individual taxation, Romney proposes rate cuts for all taxpayers to be funded by reducing or eliminating various tax preferences. His plan aims to do this without raising the tax burden on low and middle income taxpayers, defined as $200,000 or less. It also abolishes several other taxes.☜59C6EF
⌃
But does it compute?
But does it compute?☜In early August the Tax Policy Center produced an analysis showing that achieving all the goals of the Romney plan is mathematically impossible. Romney cited six studies in reply. Economists, journalists, bloggers and others then joined in on both sides. So is the plan mathematically possible?☜FFB597
⌃
No - it does not compute
No - it does not compute☜The Tax Policy Center argues in its analysis that the various elements of the Romney plan cannot all be achieved. The TPC paper has been invoked and/or defended by almost all of the critics of the Romney plan in the debate.☜59C6EF
⌃
The TPC case
The TPC case☜The essence of the Tax Policy Centers argument is contained in the excerpt from their paper cited below. We have parsed the argument into a set of premises that must be true for the argument to hold and mapped the debate about each.☜98CE71
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Available savings claim
Available savings claim☜The TPC set out a number of assumptions concerning the amount that could be raised by eliminating tax expenditures that benefit high income earners in the individual tax system (the analysis does not include corporate tax). These are enumerated in the cited section.☜FF97FF
⌃
The critics challenge
The critics challenge☜Critics of the TPC analysis question the exclusion of two major tax preferences - the exclusion of interest on state and local bonds and the exclusion of inside-buildup on life insurance vehicles. According to the TPC eliminating these exclusions could raise $45 billion in tax revenue.☜EF597B
■
Life insurance concessions
Life insurance concessions☜Some TPC defenders are prepared to concede this one could be back on the table.☜98CE71
□
Municipal bond concession
Municipal bond concession☜☜98CE71
□
Ruling out "step up"
Ruling out "step up"☜The TPC analysis assumed that, in the wake of abolition of estate duties, there would be no adjustment of the current capital gains treatment that in assessing inherited assets, excludes gains made between purchase and death. However in this case moving to a carry over basis would make sense.☜98CE71
□
Graph of this discussion
Graph of this discussion☜Click this to see the whole debate, excluding comments, in graphical form☜dcdcdc
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Peter Baldwin
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Entry date (GMT):
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