![]() |
This iReport is part of an assignment:
Election 2012: Your stories |
You don't understand Romney's Tax plan? That's ok neither does Romney
You don't understand Romney's Tax plan? Are you confused? That's ok neither does Romney and his website http://www.mittromney.com is just as confused as you. Visit his site and start getting even more confused:
From: http://www.mittromney.com/issues/tax
Individual Taxes
America’s individual tax code applies relatively high marginal tax rates on a narrow tax base. Those high rates discourage work and entrepreneurship, as well as savings and investment. With 54 percent of private sector workers employed outside of corporations, individual rates also define the incentives for job-creating businesses. Lower marginal tax rates secure for all Americans the economic gains from tax reform.
- Make permanent, across-the-board 20 percent cut in marginal rates
- Maintain current tax rates on interest, dividends, and capital gains
- Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
- Eliminate the Death Tax
- Repeal the Alternative Minimum Tax (AMT)
Corporate Taxes
The U.S. economy’s 35 percent corporate tax rate is among the highest in the industrial world, reducing the ability of our nation’s businesses to compete in the global economy and to invest and create jobs at home. By limiting investment and growth, the high rate of corporate tax also hurts U.S. wages.
• Cut the corporate rate to 25 percent
• Strengthen and make permanent the R&D tax credit
• Switch to a territorial tax system
• Repeal the corporate Alternative Minimum Tax (AMT)
From: BelieveInAmerica-PlanForJobsAndEconomicGrowth-Full page 36
INDIVIDUAL TAXES
• Maintain marginal rates at current levels
• Further reduce taxes on savings and investment
• Eliminate the death tax
• Long-term goal: pursue a flatter, fairer, simpler structure
CORPORATE TAXES
• Lower the corporate income tax rate to 25 percent • Transition to a “territorial” tax system
From: Page 155 Appendix: Appendix: 59 Policy Proposals That Will Get America Back To Work. Maintain current tax rates on personal income
2. Maintain current tax rates on interest, dividends, and capital gains
3. Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
4. Eliminate the death tax
5. Pursue a conservative overhaul of the tax system over the long term that includes lower, flatter rates on a broader base
6. Reduce corporate income tax rate to 25 percent
7. Pursue transition from “worldwide” to “territorial” system for corporate taxation
By the way page 36 and page 155 contradict each other. Page 26 says "Further reduce taxes on savings and investment" while page 155 says "Maintain current tax rates on interest, dividends, and capital gains". They are all policy proposals so which one will be applied?
From: http://www.mittromney.com/JobsPlan Click on Full Plan and then scroll down to Reform The Nation’s Tax Code To Increase Growth And Job Creation.
• Reduce individual marginal income tax rates across-the-board by 20 percent, while keeping current low tax rates on dividends and capital gains.
• Reduce the corporate income tax rate – the highest in the world – to 25 percent.
• Broaden the tax base to ensure that tax reform is revenue-neutral
From: TaxPolicy.pdf Page 1
INDIVIDUAL TAXES
• Maintain marginal rates at current levels
• Further reduce taxes on savings and investment
• Eliminate the death tax
• Long-term goal: pursue a flatter, fairer, simpler structure
CORPORATE TAXES
• Lower the corporate income tax rate to 25 percent
• Transition to a “territorial” tax system
See a problem?
• One says Income tax rates go down 20% the other stays the same and then another cut them then another stays the same.
• One says cut marginal rates and keep interest taxes the same, another keep marginal taxes the same and cut interest taxes.
• One says reduce taxes on savings and investment the other maintain current tax rates on interest, dividends, and capital gains another cut and another says stay.
• One says broaden the tax base? what does that mean? Does that mean cutting middle class deductions so the .1% get 20% tax break?
Still think this guy has a plan? Even his own team doesn't know what to post on his site. Read for yourself at mittromney.com
And don't forget Mitt Romney said in the debate in Denver on October 3rd 2012
"First of all, I don't have a $5 trillion tax cut. I don't have a tax cut of a scale that you're talking about. My view is that we ought to provide tax relief to people in the middle class. But I'm not going to reduce the share of taxes paid by high-income people. High-income people are doing just fine in this economy. They'll do fine whether you're president or I am."
This is the math:
(20% across the board tax cut) - (no detail cuts) - (no detail on deductions eliminated) - ($455 million in cuts from CPB and Big Bird *10 years) = -$4.995 trillion
Unless you give me number for cuts or what deductions you eliminate I'll "just make up a number" and that number is -$4.995 trillion
Read more on Romney http://nomdepen.wordpress.com/
What do you think of this story?
iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.




Comments