The Conservative Cave
Current Events => Archives => Politics => Election 2012 => Topic started by: txradioguy on August 10, 2012, 06:30:43 AM
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The Romney Tax Plan
Mitt Romney, in sharp contrast, actually has a very good tax plan that will get the economy booming again and restore the American Dream. The key is reducing tax rates, in particular marginal tax rates, which are the rates that applies to the next dollar of income. Marginal rates determine the incentive for productive activity, such as working, saving, investing, expanding businesses, starting businesses, or creating jobs.
Romney's tax plan proposes to:
• Extend all of the Bush tax cuts that are scheduled to expire in January.
• Repeal the unfair death tax, which taxes yet again a lifetime of savings that have already been taxed multiple times.
• Repeal all of the Obamacare taxes.
• Repeal the Alternative Minimum Tax (AMT), which was originally meant to stop the richest from avoiding taxes altogether, but which increasingly applies to millions in the middle class.
• Cut income tax rates by one-fifth across the board. So the top rate would be reduced from 35 percent to the 28 percent originally established in the Reagan tax reform. The bottom tax rates, paid by working people and the middle class, would be reduced to 8 percent and 12 percent -- even lower than under Reagan.
• Completely eliminate federal income taxes on long-term capital gains, dividends, and interest income for workers earning less than $100,000 and married couples earning less than $200,000.
• Reduce the federal corporate tax rate from 35 percent to a more internationally competitive 25 percent, close to the global average, which would restore international competitiveness for American business. That rate would be reduced further in conjunction with broader corporate tax reform to close the numerous and extensive loopholes.
• Allow a tax holiday for the repatriation of the trillions in profits that corporations have parked overseas to avoid the double taxation they face in bringing the money back to America. Over the long run he would eliminate that double taxation by adopting a system of territoriality, so taxes apply to corporate profits only in the country where those profits are earned. Romney also proposes to make the federal research and development tax credit permanent.
The central theme is actually to cut taxes on the middle class, multiple times, over and over. Romney nowhere proposes any tax increase on the middle class, or on anyone else for that matter. Obama's allegation that Romney would raise taxes on the middle class by $2,000 per family is a complete fabrication. Obama did the same thing to Ryan's budget plan, alleging a litany of supposed cuts that were nowhere to be found in the plan. Obama just made them up well.
Even the Tax Policy Center study that Obama cites for his charge says that Romney "promises that low- and middle-income households will pay no larger shares of federal taxes than they do now." The study argues that in order to raise the same amount of money, the federal government would have to raise taxes on middle- and lower-class families -- but it does not suggest that any such thing has been proposed by Romney. In addition, the study fails to give nearly adequate credit to the fact that Romney's tax plan will increase economic growth and jobs -- and thus, tax revenue. Reagan cut overall tax rates by far more than Romney is proposing, and during the 1980s, federal revenue doubled.
The bottom line is that Obama is disgracefully campaigning as a damn liar, to the great shame of the entire Democrat Party that he represents. It is old-fashioned Soviet propaganda to publicly campaign on the opposite of the truth, as Obama is doing. That reflects Obama's Marxist upbringing and the nature of today's Che Guevara Democrat Party.
http://spectator.org/archives/2012/08/08/romneys-tax-plan-is-a-winner
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The problem is the tax code is so damn complex, the average voter has no chance to understand this. If we had tax reform in the form of a flat tax or the FairTax, people would understand.
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The problem is the tax code is so damn complex, the average voter has no chance to understand this. If we had tax reform in the form of a flat tax or the FairTax, people would understand.
I agree.
What perplexes me most is that a reporter from the American Spectator has put something out and explained it in a way that msot can understand...while the guy who came up wit the plan...won't do it.
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I agree.
What perplexes me most is that a reporter from the American Spectator has put something out and explained it in a way that msot can understand...while the guy who came up wit the plan...won't do it.
It doesn't translate well to a 30 second commercial.
The convention speech would be a good time though, he could talk about how government takes too much of your money and say he wants to cut taxes for everyone, in detail.