Romney pitches tax plan details that favor the wealthy
Republican presidential candidate Mitt Romney (L) shakes hands with New Jersey Governor Chris Christie (R) as they talk with supporters at Buns Bakery and Restaurant in Delaware, Ohio, on October 10, 2012. / GettyImages
DELAWARE, Ohio Republican presidential candidate Mitt Romney told Ohio voters Wednesday that they can't afford four more years of President Obama's economic policies, arguing that while the Democratic president would raise taxes on middle-income households, he would lower them.
But Romney's proposal as he described it - eliminating tax on interest, dividends, and capital gains - would largely help those living on investment income, which does not include many people in the middle class.
At a rally here, Romney told the crowd that Obama would raise taxes on middle-income families by $4,000, a claim that has been debunked by several fact-checking websites. Romney promised to reduce the burden of those making $200,000 a year or less.
"I have a plan to cut taxes for middle-income tax payers," Romney said. "My plan does this. There'll be no tax on interest, dividends, or capital gains for middle-income families in America."
The wealthy are the major beneficiaries of low taxes on capital gains, dividends, and interest; many middle income Americans don't have investment income. The tax break will likely help senior citizens, however, many of whom do live on investment income.
Though he did not mention it Wednesday, Romney's tax plan also includes reducing income tax rates by 20 percent across-the-board, a figure which could significantly reduce the tax burden of middle-income Americans. But some experts are skeptical that Romney will be able to keep tax rates low for middle-income taxpayers without getting rid of loopholes like the mortgage tax deduction, a popular tax break for people in the middle class who own their own homes.
Romney has consistently said he will not raise taxes on any Americans, but has declined to specify which loopholes and deductions he would get rid of in order to make his tax plan revenue neutral.
According to Romney spokesman Rick Gorka, Romney believes that eliminating taxes on interest, dividends, and capital gains will "encourage investment in savings," and that more Americans will start to utilize these tax tools to save money.
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I am not wealthy.
Romney's proposals means that Mitt Romney's tax rate, already obscenely low at 14%, would drop to under 1%.
Why is it not at 1% in the polls? I just don't get why 99% of Americans would vote for this guy.
Not things that we want done. It's time to tell the BASTARDS in big business that we are SICK AND TIRED of their abject whinery and sock them with 100% taxes per year on profits if they keep on whining that our tax rate, which is one of the LOWEST in the world when you are talking about first world nations, is too high.
That is why he is one of their bishops and has been a stakesman!
He doesn't give a dingdong about anyone but himself!
It's the only way possible.
Following the high tax formula on the Ultra Rich has led historically to have large positive GDP increases which means more jobs are produced. President Eisenhower taxed the Ultra Rich at 91%, which resulted in a high 14.3% GDP. President Reagan dramatically reduced the Ultra Rich tax rate to 28%, which resulted in a lowering the GDP to 3.3%. President Bush Jr. and his Republican Congress eliminated estate taxes for the ultra rich and with 9/11 the Ultra Rich stopped investing and we ended up with a huge downturn, a -5.6% GDP and a very bad recession which we are still struggling to end. The Ultra Rich are not investing in companies - new or old - as they did before when being faced with higher tax rates. During President Clinton, the capital investment in start-ups was around 65%, and now it is at around 10%. Loan money for small businesses is still tight, and thus there is no money to expand and the job growth is slow.
Now Romney's current proposal is to cut the taxes even more for the rich, and this week he even proposed to completely eliminate the capital gains and dividend tax to 0%. The old saying goes - "The rich get richer and the poor get poorer".
Any small businessperson knows how this economy ticks, and what our small businesses need now. It takes short term loans to buy inventory stock, to get through bad weather cycles (i.e. farms, concrete, etc.), to get through consumer downturns at the beginning of the year (i.e. retail), and to know that keeping your money here in the U.S. should be a priority, so our banks have money to loan out to boost company growth which is good for all us.
We need to stop the visas for foreign workers here in the U.S (i.e. 1.2 million foreign engineers with high paying jobs). All the foreign workers are sending billions of potential consumer money overseas - around $223 billion US dollars in 2011. This money should be staying home in the U.S., and should be helping to increase consumer consumption, so that our business can grow and produce more jobs. Instead we have 23 million people unemployed. It is time to send the foreigners home.
Our people need jobs, and our business need U.S. consumers to buy their goods to be successful. It is an easy formula - tax the Ultra Rich to get them to invest, send the foreign workers home, and get our banks to have their number one priority to loan money to our small businesses. Then sit back and watch our GDP grow. There will be good paying jobs once again. It is time to get most of the 23 million people back to work and to get our 500,000 engineers and our recent graduates (50% college and 75% high school) who are out of work making new products!
All that being said, I hope most American citizens are starting to realize from this farce of a Presidential Campaign, that you cannot count on a Presidential Candidate to "save you" when they are elected. They all lie. Obama lies. Romney lies. Obama favors the poor, has no interest in the middle class, and he is one of the wealthy ones - right? Romney favors the wealthy and has no interest in the middle class. They both weild the "middle class" spear for one reason only: to try to get the votes. They have no other interest in the middle class other than the Vote you can provide for them.
So what to do? How about ignoring everything they say, everything the media says, and concentrate on your own life and wealth, such as it is? If you are not happy with the status of your life and your savings and your assets, what are you going to do about it? Gripe and moan day in and day out and complain that a presidential candidate isn't going to give you all the breaks you deserve?
Do you really think if they tax the wealthy more heavily that ANY of that money is going to benefit YOU in the long run? Do you really beleive the federal government is going to use that money wisely or waste it on some unbelieveable pet favorite causes that they happen to support that day?
So quit worrying about the wealthy getting taxed more, quit worrying about your piddly tax breaks or piddly federal handouts, and start concentrating on what YOU need to do to enhance your current status and survive in a world where NO ONE is interested in your piddly problems! Start taking some accountability for your own life and quit listening to the stuff spewing from these presidential candidates, it is just WORDS, just like Obama did 4 years ago, then sat on his duff after he got elected and took all those vacations and golf outings.
Start thinking like an intelligent rational human being and quit listening to all these dimwits!