Mitt Romney: Yeah, about those tax cuts…

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]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

CPAs: Make Direct Indexing Your Estate Planning Secret Weapon

Traditionally, the role of accounting professionals in estate planning has been tertiary at best, with clients consulting CPAs only on the tax implications of select decisions—or simply leaving them out of the process altogether.  As you’re certainly sick of hearing by now, however, today’s most successful CPAs are taking on more advisory functions, with one […]