His Royal Highness Mitt Romney Wants To Be President So He Can Give Himself an $80 Million Dollar Tax Cut
The U.S. tax code may be difficult to grasp, but understanding the presidential candidates' plans for it doesn't have to be. President Obama wants to raise his own taxes, while Mitt Romney wants to dramatically reduce the already small slice he pays to Uncle Sam.
Of course, that simplification doesn't shed light on just how dramatic President Romney's windfall for his family would actually be. Mitt's plan, which the nonpartisan Tax Policy Center forecast would cut taxes for the richest five percent of earners while increasing the tax bill for the other 95 percent of Americans, could slash his own annual IRS payment by almost half. And by eliminating the estate tax, the $250 million man would potentially divert $80 million (and possibly more) from the United States Treasury to his own heirs
On Friday, Governor Romney defended his mystery finances, declaring, "I have paid taxes every year. A lot of taxes. A lot of taxes." But when he announced Sunday that he wants "something dramatic" to boost the economy, he must have been speaking about his own.
At the end of 2012, the Bush tax cuts of 2001 and 2003 will expire. Among other changes to the tax code, President Obama wants to let the top 35 percent tax rate for income over $250,000 to return to its Clinton-era level of 39.6 percent and implement the Buffett Rule guaranteeing millionaires pay a minimum 30 percent effective tax rate. Obama would also end the "carried interest exemption" that allows Mitt Romney and other similar financiers to pay under 15 percent to Uncle Sam each year. In contrast, Romney would not only make the Bush tax cuts permanent, but deliver a 20 percent across-the-board tax cut. Upper income taxpayers would not only see their rate slashed to 28 percent, but would benefit by the elimination of the Alternative Minimum Tax (AMT).
While conservatives and their friends in the media have decided we have a deficit problem, we in fact still have a revenue problem. They are at their lowest level since the Reagan years - the last time we had a major recession. The major reason conservatives want to frame the issue this way is to make everyone believe we can cut spending to balance the budget. The only way to do that is to gut the safety net programs like Medicare.
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Scott Brown (R-MS) has a well deserved reputation for being lazy. So lazy that he is letting his buddies at the Anti-American Fox News do his attacking for him, REPORT: Fox Spends Over 43 Minutes Smearing Elizabeth Warren. Why is Scott Brown afraid of doing his own dirty work. Would making these kinds of false smears ruin little Scotty's fabricated image as a nice guy.