The Great Debate Megathread! Black Lincoln versus whiter, richer Douglas!

[Admiral Yi]

A cap on deductions affects those who have been able to deduct high amounts more than people who haven't.

Exactly.   Generally people who have large mortgage interest payments, big medical bills, and give a lot to charity.

[DGuller]

I'm strangely unexcited about tonight's debate.  These debates are like NASCAR races:  they're largely very tedious affairs that are made exciting only by the possibility of a spectacular crash.  I don't think Romney is going to shit himself on live TV, and I won't be too excited in seeing Obama do it if that happens.

[Jacob]

Yeah, the fun part about the debate is finding live bloggers and message boards watching them and follow the reactions to whatever is going on.

[Eddie Teach]

I'm strangely unexcited about tonight's debate.

That's completely normal. The strange thing is that you think you should be excited. 

[FunkMonk]

Based on Maggie, Golda and Indira I kind of admire and fear successful female politicians.

What about Sarah? (Palin)

He didn't say anything about successful reality tv stars.

She was a state governor and vice presidential candidate on a major party ticket. That qualifies as successful politician to me.

[CountDeMoney]

Just heard on CNN that Romney has proposed a $17K cap on deductions.

Works great for Mittens.  Only penalizes those poor smucks who make their money earning wages.  Doesnt touch those who can get paid through dividends, share options etc.

Mittens makes so much money, I don't think he can even conceive the value of $17,000.  It needs two more zeros for him to even comprehend the concept.

[FunkMonk]

Just heard on CNN that Romney has proposed a $17K cap on deductions.

Works great for Mittens.  Only penalizes those poor smucks who make their money earning wages.  Doesnt touch those who can get paid through dividends, share options etc.

Mittens makes so much money, I don't think he can even conceive the value of $17,000.  It needs two more zeros for him to even comprehend the concept.

To be fair, it seems his minimum bets are about $10,000 so I'm sure $17,000 registers somewhere in the Romnocracy.

[CountDeMoney]

To be fair, it seems his minimum bets are about $10,000 so I'm sure $17,000 registers somewhere in the Romnocracy.

$10K is country club couch change to sink the putt on the 4th green, so perhaps it does.

[CountDeMoney]

She was a state governor that never completed her first and only term and vice presidential candidate on a major party ticket that lost. That qualifies as an unsuccessful politician to me.

FYP.

[Admiral Yi]

To be fair, it seems his minimum bets are about $10,000 so I'm sure $17,000 registers somewhere in the Romnocracy.

You guys seem to be a little lost on the concept of capping deductions.

[CountDeMoney]

To be fair, it seems his minimum bets are about $10,000 so I'm sure $17,000 registers somewhere in the Romnocracy.

You guys seem to be a little lost on the concept of capping deductions.

I'm all for caps for rich people, but $17,000 sounds arbitrary.  How was it arrived at?  A percentage of projection?  An average?  To what income ceiling?  Single or married?  Up to $250K income earners? What, then?

[DGuller]

I think capping deductions is a band-aid solution that misses the problem, like almost all caps do.  If you have to use capping, then you probably fucked up somewhere in one of the previous steps. 

If people are taking too many deductions, then maybe deductions should be looked at rather than just saying "all right, we'll let you bullshit, but only by so much".  Invariably you'll run into cases where huge deduction are completely warranted (if, for example, you're an amateur gambler who wins and loses thousands each night), but the cap is going to lead to >100% tax on profits.

[derspiess]

To be fair, it seems his minimum bets are about $10,000 so I'm sure $17,000 registers somewhere in the Romnocracy.

You guys seem to be a little lost on the concept of capping deductions.

I'm all for caps for rich people, but $17,000 sounds arbitrary.  How was it arrived at?  A percentage of projection?  An average?  To what income ceiling?  Single or married?  Up to $250K income earners? What, then?

Tune in and see!

[CountDeMoney]

Tune in and see!

Ben Ginsberg, Romney's campaign legal counsel, said at a Politico Live 2012 debate event in Denver that Romney will provide more details "in the next five weeks."

Of course.

[DGuller]

One other thing:  the concept of simplifying the tax code, and the concept of putting in more caps in the tax code, are kind of contradictory.  Caps create all sorts of discontinuities, and discontinuities are exactly the things that makes things very not simple to analyze.

EDIT:  Or lack-of-smoothness, I forgot which math term applies here.