Actually my dimwitted friend. You are once again a victim of misinformation brainwashing from Team Obama. Have you actually read Mitt Romney’s tax plan? Because I have read both his and Obama’s (and even Ron Paul and Gary Johnson’s) directly from their official websites. I’m not a big fan of either to be honest but they’re both very easy to understand and they’re both based on two different ideologies.
Obama wants to keep the Bush tax cuts for everyone EXCEPT those making $200,000 and above (or $250,000 and above filed together); and Romney wants to keep the tax cuts as is, cut EVERYONE’s rates again by 20%, end the ridiculous death tax, remove capital gains taxes on those making less than $100k, and most importantly lower the corporate tax rate. He also is going to remove many of the tax write-offs and loopholes that have been giving leniency to those wealthier individuals. So, this fabricated notion that somehow Romney’s tax plan is going to feed off the “middle class” to feed the filthy rich is a complete lie. You can view a very clear side by side explanation here.
Although, I’d much rather have a re-haul of the entire tax code and move to a flat or fair tax, Romney’s plan makes cuts to all individuals and businesses which is way better than playing the same old “tax the rich” game that Obama has been experimenting with poorly over the last couple years. The reason businesses are not hiring right now is because they’re waiting to see how much more Obama will attempt to tax them going forward, especially after all the aspects of Obamacare go through. You can’t eat the rich and expect capitalism to survive. It just won’t work no matter how many times Obama tells you it will.
I leave you with this video that slaps the face of every class warfare argument every suggested about how taxing the rich a little more will solve all of our economic woes.
You’ve probably read the Romney tax plan more thoroughly, but I have read interviews with him and have a general picture of what he plans to do. Plus, I read other sources besides the Obama campaign’s…I am fully aware that they make a certain set of assumptions that are by no means guaranteed.
I likewise favor simplification of the tax code and the removal of loopholes, but do you really think that Romney will make good on that promise? Please. Every Republican from Reagan onwards promised to close tax loopholes, and it never gets done.
I favor higher taxes on the rich because the top marginal tax rates (and capital gains taxes) are at an all-time low. You claim that Obama has unsuccessfully experimented with higher taxes on the rich? Don’t make me laugh…he couldn’t if he tried. Maybe you missed the whole debt-ceiling crisis in which Obama wanted to let the Bush tax cuts expire and Congress pushed us to within a hair’s breadth of default before he relented.
Innovation and progress doesn’t come from the rich…the rich are people who already had their success and are reaping the rewards. The real growth comes from the middle class, and I think it’s inexcusable that they’ve seen their taxes rising while the rich pay less and less. Taxing the rich is not a punishment for millionaires…it’s an incentive for all of the average Americans out there to go the distance and achieve their dreams.
A flat tax sounds great in theory, but in practice it will fail because it doesn’t take into account the fixed cost necessary to survive. Lower-income families spend a bigger portion of their earnings on the necessities, leaving them with less money to be used for savings or investment. And a flat tax will effectively take a larger percentage of that money from the middle class than from the rich, as a result.
The FairTax idea is a little better, since the rebate system can correct for regressive expenses, but I still worry about its impact on spending. When people get taxed for spending, they save more. And while it’s true that saving is healthy for consumers in the long run, too much of it will only make the economy more vulnerable.
I personally favor a perfectly curved graduated tax (doing away with brackets and creating a linear function that levels off at a certain income). It’s almost as simple as a flat tax and just as loophole-free, but it can correct for regressive expenses. Neither candidate is offering that, but Obama’s tax plan is closer to what I want.
You seem like a bright kid because you can type in full sentences (rare to the internet) but you are basing almost all you evaluations on media-influenced depictions of Romney and total dedication to our do-nothing President.
You’re putting your trust into a guy who has repeatedly lied and broken promises since he has been in office but you are questioning a guy’s integrity based on interviews. I can safely say I know Mitt Romney has been a flip-flopper on many issues and that’s why he wasn’t my first choice in the primary; but at the same time, I know his good qualities outweigh the bad and he has a good proven record in business that can’t be flip-flopped. You say you don’t favor tax loopholes and although Romney has actually campaigned to close them, Obama has not once done it either and doesn’t even talk about doing it going forward. So, by your admission, they won’t be closed under either candidate.
You sound like you have a somewhat good understanding of the tax code but a failure at understanding wealth. First off, there is no such thing as a “middle class.” I dare you to define it for me. Secondly, rich people aren’t necessarily rich. Just because you made a lot of income doesn’t mean you acquired a lot of wealth. Your theory that people you deem “rich” have somehow stopped innovating or growing the economy is completely FALSE. People from incomes of $30k to $30 Million all play into the economy and business. Wealthy individuals who earned, say $2 Million, in income may also be a small business entrepreneur who is also paying several employees’ salary or capital into a business investment, etc. You just can’t un-fixate your mind into not thinking that rich individuals are some cigar-puffing old white guy rubbing elbows with other tycoons on Wall Street. That’s just an ignorant personification you use to justify your theories and being someone that personally works with several millionaires, billionaires and small business folks I can tell you that you’re completely out of touch with reality. You have the mentality of one of these Occupy Wall Street buffoons when making these statements.
I’ll tell you what, read the link I originally provided above, read Mitt’s Tax Plan straight from the horse’s mouth, and watch the video I posted above for good measure. Worst case scenario, you waste 15-20 of your life educating yourself a little bit. You can then either use the knowledge gained for good or evil…I could care less.