Everyone needs to adjust their expectations:
“By the way, don’t be expecting a huge cut in taxes, because I’m also going to lower deductions and exemptions,” Romney said, according to various news media reports.
Um, yay?
“All the rates come down,” Romney said. “But unless people think there's going to be a huge reduction in the taxes they owe, that's really not the case, because we're also going to limit deductions and exemptions, particularly for people at the high end.
Details to come, obviously.
Romney tells voters 'don't be expecting a huge cut in taxes' [The Hill]
Commissioner Doug Shulman said in a statement today that the agency would make it easier for taxpayers to seek withdrawal of liens when they pay a tax debt or make arrangements to pay in installments for debts of less than $25,000. The agency also raised the dollar thresholds before liens are typically filed. “We are making fundamental changes to our lien system and other collection tools that will help taxpayers and give them a fresh start,” Shulman said in the statement. “These steps are good for people facing tough times, and they reflect a responsible approach for the tax system.” [