In discussing tax policy, Gov. Mitt Romney promised to reduce taxes and introduced a new idea to close loopholes: the "bucket concept" for deductions. This theoretically would reduce taxes on the middle class and not reduce them for the wealthy.
It works like this: You add up all of your deductions, and if they equal the size of your bucket, good for you. If all your deductions exceed the size of your bucket causing it to overflow, too bad for you; you're limited to the size of your bucket, and you lose. Likewise, if your deductions fill only a small portion of your bucket, too bad for you also -- you lose. You're limited to what's in your bucket; so there goes the standard/itemized deductions.
But don't fret, Middle America, earning more or less than the median income of $50,054: The dollar size of your bucket is a detail that would be negotiated in Congress.According to Fox News, 50 percent of its members are millionaires. So your discretionary income can still be invested in limited partnerships, private equity accounts and offshore investments, which can earn you those valuable tax credits which are deducted from the amount you owe Uncle Sam. These don't seem to be on Mitt Romney's bucket list. See, he does like us! Big Bird, however, not so much.
When asked about the "devil being in the details," Gov. Romney responded by saying "yes, but the angels are in the policy." I guess he knew then that Big Bird was "a dead bird walking"!