Mitt Romney, the other tax secrecy | Top iPad Finance Apps

But this is not the only problem of the tax alleged nominee reluctant to talk about it has. He was just as quiet on a policy issue that directly affects the amount of taxes that would have paid millions of Americans.

Romney advocated for months on an ambitious plan that promises massive tax cuts. He has also steadfastly refused to say how he would pay for it. Romney has proposed a 20% across-the-board cut to the income tax. He also wants to abolish the alternative minimum tax, eliminate the estate tax and chop to pay the tax of corporations from 35% to 25%. All of these cuts mean the government would collect less revenue. Romney claims that his plan is the difference in-part by limiting deductions, exemptions and credits currently available top-level incomes. But he did not back the curtain on which he prints is planning to raise crop. In April reporters in front of a private fundraising event in Palm Beach Station, heard the rattle former Florida governor of Massachusetts is a list of deductions that would probably eliminate. But a campaign official said later that the candidate was ?tossing out ideas? and not ?disclosure policy.? Asked And just last month when Romney was directly from CBS News called the deductions, the important question of the candidate to say instead that ?we will go through that process to go with the Congress.? The lack of detail even extends to tax cuts that Romney has taken advantage of ? to the tune of millions of dollars. Romney and his campaign have such a variety of answers on what the candidate plans, the tax treatment of carried interest, an obscure compensation method used to do in the first place given in high-stakes finance. The profit tax concessions, the private equity partners to continue the Republican presidential candidate save millions of dollars in taxes after a pioneering career at Bain Capital. Romney has in the past, called explicitly for the leadership of the tax benefit in place. But the direct election cycle, even when asked, the candidate is not clearly formulated a position. campaign staff have added to confusion about the candidate?s position, occasionally suggesting that Romney would, once elected, you should roll back the tax breaks. At other times, the campaign has returned these proposals. Went

When back for more details about his tax plan, a spokesman for the campaign, Romney told CNNMoney that Romney ?has a comprehensive plan proposed for repair in demand nation tax code by marginal tax rates to entrepreneurship, job creation and investment stimulating while still raising revenue to fund a smaller, smarter, simpler government. ?

The spokesman added that Romney? is pleased to work with Congress ?on tax reform. In other words, do not expect to get more details when he actually wins the race for president

(Related: Romney?s confusing position on carried interest).

From a political point of view may be the lack of details of an advantage. After all, everyone benefits deduct a certain constituency. But the murky policy prescription leaves the public in the dark ? and Romney can skate on a fiendishly difficult area of ??tax policy

A recent report by the Tax Policy Center, an independent research group, showed how. Romney plan would be difficult to implement, especially if they are on other proposed tax cuts.

The Tax Policy Center estimates that if today?s Bush-era income tax rates were made permanent, would Romney?s further rate cuts lead to a reduction of $ 320 billion in tax revenue in 2015. One way to make up for this difference, the report would shave 72% discount on the value of all itemized deductions, above-the-line deductions (such as for alimony), a number of smaller tax credits; and benefits such as health insurance tax break workers get a lot

The legislature could decide to eliminate some benefits altogether and leave others untouched, or reduce them all, but by different amounts .. The analysis assumes no changes in taxpayer behavior.

?It is not impossible, for the substantial individual tax cuts, tax breaks by paying? wrote Howard Gleckman, editor of TaxVox, in a blog entry. ?But it is very, very hard.? -. Jeanne Sahadi contributed to this CNNMoney report

business and financial news ? CNNMoney.com

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