Mitt Romney has adopted the campaign platform of Steve Forbes. While paying lip-service to the ideology of social conservatives, he is essentially running to enact a platform that will lower his own taxes. (For the sake of the federal deficit, It would raise our taxes to at least partially make up the difference.)
The top six corporate employers of donors to the Romney campaign are
  • Goldman Sachs, $564,580
  • JPMorgan Chase & Co, $400,675
  • Bank of America, $364,850
  • Morgan Stanley, $363,550
  • Credit Suisse Group, $316,160
  • Citigroup Inc, $286,015
A total of $24 million out of the $56.4 million contributed by all donors to Restore Our Future was from people and corporations in finance. Romney, in turn, is an outspoken proponent of the industry’s agenda. He has promised that he will, if elected, seek repeal of the Dodd-Frank regulatory act and weaken provisions of the Sarbanes-Oxley Act of 2002 that was passed after the bankruptcy of Enron. Romney has announced tax proposals that would work to the advantage of the industry and top finance executives. He wants to make a permanent, across-the-board 20 percent cut in marginal rates; to maintain current tax rates on interest, dividends and capital gains; to eliminate the estate tax; and to repeal the alternative minimum tax.

Romney has made it very clear how he will help Wall Street if he wins.
Source: "Political Dividends" By THOMAS B. EDSALL - NY Times - 5/26/12



[A]ll four significant Republican presidential candidates still standing are fiscal phonies. They issue apocalyptic warnings about the dangers of government debt and, in the name of deficit reduction, demand savage cuts in programs that protect the middle class and the poor. But then they propose squandering all the money thereby saved — and much, much more — on tax cuts for the rich.

[T]he politicians shouting loudest about deficits are actually using deficit hysteria as a cover story for their real agenda, which is top-down class warfare.

[T]hey would achieve a major redistribution of income away from working-class Americans toward the very, very rich.

[T]he richest 1 percent would receive large tax cuts

Mr. Romney’s tax proposal...would actually raise taxes on the poorest 20 percent of Americans, while imposing drastic cuts in programs like Medicaid that provide a safety net for the less fortunate. (Although right-wingers like to portray Medicaid as a giveaway to the lazy, the bulk of its money goes to children, disabled, and the elderly.)

[T]he same people now telling us what great things tax cuts would do for growth assured us that Bill Clinton’s tax increase in 1993 would lead to economic disaster, while George W. Bush’s tax cuts in 2001 would create vast prosperity. Somehow, neither of those predictions worked out.

Are you worried about a “Greek-style collapse”? Well, these plans would slash spending in the near term, emulating Europe’s catastrophic austerity, even while locking in budget-busting tax cuts for the future.
Source: "Four Fiscal Phonies" By PAUL KRUGMAN - NY Times - March 1, 2012



Mr. Romney’s tax plan — which calls for permanently extending the Bush administration’s tax cuts, reducing the corporate income tax rate and eliminating the estate tax — would cut the taxes of people earning more than a million dollars a year by an average of $295,874, according to an analysis by the Tax Policy Center, a nonpartisan research group.

Since Mr. Romney would also allow some of President Obama’s tax cuts to expire, his plan would effectively raise taxes on some people earning less than $40,000 a year. The Romney tax plan would add to the deficit by reducing federal revenues by $600 billion in 2015, a 16 percent cut, the center found.

He explained that most of his income is taxed at the 15 percent rate used for capital gains, interest and dividends, not the rate of up to 35 percent levied on wages and salaries.

It is not unusual for Republican presidential candidates to call for tax cuts that would expand thedeficit
Source: Higher Deficits Seen in Romney’s Tax Plan, and His Rivals’, Too" By MICHAEL COOPER and DAVID KOCIENIEWSKI - NY Times - January 18, 2012



According to the Center for Tax Policy, Mr. Romney’s tax proposals would lower federal tax revenue by $600 billion in 2015, and would increase after-tax income for those earning more than $1 million by 14.5 percent, the largest gain for any income level. According to the Urban Institute’s resident fellow Howard Gleckman, Mr. Gingrich’s even more generous tax proposals would lower federal tax revenue by nearly $1.3 trillion in 2015.
Source: "Paying Far More Than 13.9%: A Taxpayer’s Lament " By JAMES B. STEWART - NY Times - January 27, 2012



Bottom line: how could any working American vote for someone who is build a home with an elevator... for his cars? Or for whom the word "summer" is a verb? (As in "We summer in Wolfeburo.")

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3/28/2024

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