It’s your money–vote wisely

Why Mitt Romney’s Tax Plan is better than President Obama’s.

President Obama believes the only solution to lowering our massive budget deficit is to raise taxes on the very people in businesses who are still creating jobs.  But higher taxes on successful families and businesses wont solve Washington’s spending problem.  We’ve tried that before—it doesn’t work.

Governor Romney has a tax plan that will increase economic growth and jobs just like President Reagan’s did.  The central theme in Romney’s tax plan is to cut taxes on the so-called “middle class” multiple times, over and over again.  Romney nowhere proposes any tax increases on the “middle class”, or anyone else in that matter.

 

Here is the breakdown of Romney’s tax plan:

1. Romney’s plan proposes extending all the Bush tax cuts, which are scheduled to expire in January.

2. Repeal the death tax, which taxes a lifetime of savings and assets that has already been taxed many, many times.  So you can pass on what you have accumulated in your life to your children and grandchildren, rather than give it to the federal government so politicians and bureaucrats can blow it.

3. Repeal all of Obamacare’s taxes.

4. Further cutting income tax rates by 1/5 across the board.  So the top rate would be reduced from the 35% to the 28% that Ronald Regan originally established.  The bottom rates paid by people who earn less would be reduced to 8% and 12%, which is even lower than the 15% under President Regan.  Does this sound like a guy who is doing everything for the rich?

6.  Completely eliminates federal income taxes on long-term gains.  This is what we call investments, dividends, and interest income, for people who earn less than 100,000 and married couples who earn less than 200,000.

7. The Romney plan would reduce the federal corporate tax rate from 35%, which is the second highest in the entire world, to a more competitive 25%, which is close to the world average and would restore international competitiveness for American businesses.

8. Allow a tax holiday for the repatriation, of the trillions of dollars in profits that corporations have parked oversees where they earned them to avoid the double taxation they face in bringing the money back to America.  In other words, they’re already taxed say in France if they earn it there, then when they wire the money back to America, they’re hit with a 35% tax on top of that.  So, all of this money that is available for investment is staying oversees—Obama is outsourcing profits.

 

Squeezing the rich may make some politicians feel better, but it won’t create jobs or balance the budget.  The real source of federal revenue growth is economic growth when the economy grows so do our tax revenues.  New businesses, jobs, and prosperity are all good for everyone—even the government.  Raising taxes on our most productive workers and profitable businesses wont get government a bigger piece of the pie—it will just leave us all with a smaller pie.

So when you hear the democrats “Tax the rich” rhetoric, ask yourself; who should spend the money to get our economy moving again:  the people who create jobs or the people who created our national debt?

 

Advertisements