Share
Under Obama, the top rate on long-term capital gains would rise from 15 percent to 20 percent. Romney, on the other hand, plans to keep that tax at its current rate.
Obama often likes to say he plans to cut taxes on the middle class. Lately, it seems as if his two favorite words are “middle” and “class,” but doesn’t seem very interested in what he plans to do for anyone else.
Unlike the president, Romney plans to cut taxes across the board. Romney plans to make permanent, across-the-board 20 percent cut in marginal tax rates. This directly contradicts the lies coming from the left, claiming Romney will cut taxes for the rich while raising them for everyone else.
Additionally, for those making less than $200,000 a year, Romney plans to eliminate taxes on interest, dividends and capital gains.
To make American businesses more competitive on a global level, Romney plans to cut the corporate tax rate to 25 percent, and he will repeal the corporate Alternative Minimum Tax.
Several economists will argue that lowering taxes actually increases revenue to the government, so Romney’s tax plan makes sense. When taxes are higher, people begin moving their money overseas and stop spending and investing here in America.
If that money is spent and invested here within our borders, it is taxed. If high taxes lead people to halt that, and they stop using their money here, then revenue drops. It’s as simple as that.
The choice between the two candidates is very clear. If you believe raising taxes will magically stimulate the economy, and if you believe the government has somehow proven itself to be responsible with our money, then you would like Obama’s tax policies that raise tax rates and keep already high rates at current levels.
If you’re like me and you believe cutting taxes on all levels will increase consumer purchasing, investment and job creation, then Romney’s tax plan is the plan for you.
If we want to get this economy back on track, we must create an environment where people want to spend and invest because they aren’t being taxed left and right. That is what will get our economy moving again, and Obama doesn’t want to lower taxes to do that.
Continue Reading: « Previous12
A version of this article appeared in the Sep 11 issue of the Collegiate Times.
Leave a comment 19 Comments Write a letter to the editor
All letters to the editor must include a name, e-mail, daytime phone number and affiliation to Virginia Tech. Affiliation includes: year and major for students; position and department for faculty and staff; current city for alumni and parents.
That may sound like a reasonable plan but it is the typical one dimensioal short term thinking that has caused some of the problems.
The one advantage that other countries have over America is a federal sales tax. Until the US has a federal sales tax they cannot be expected to compete when most other countries do.
Reply to this Top
Great argument, but redundant. It's the Republican "City on the Hill" economic theory. It works in thought, but rarely does it work well enough in practice. The debt really started to grow during the "Reagonomics" of the 1980s because by thinking you can deficit spend to grow the economy will only lead to more deficit spending....
Too bad I love free markets but Romney has nothing worth giving me on the social liberties side.
Reply to this Top
HeretoEducate, look at the data from Bush Jr's terms. His tax cuts produced increased revenue. Not sure what you mean by "rarely works *well enough* in practice". Perhaps you're refering to what history demonstrates: the fed.gov will always find a way to spend our money faster than they can take it from us.
Reply to this Top
Texas Mike,
All sorts of growth can be created by borrowing and spending. That's what Reagan started and Republicans have continued to do. They don't really stand for fiscal restraint anymore. If they really cared about our grandchildren having to pay the debt, they'd pay for it now with tax increases.
Reply to this Top
This comment was deleted for violating our comment policy.
Top
Agreed, for the most part it seems the difference between the D's and the R's is the R's increase the size of gov't at a slower rate. A strongly disagree with your last statement, though. No tax increase will "pay for it now". The total GDP in 2011 was just over $15 trillion. The current debt is over $16 trillion. The only way things will get fixed is by decreasing the amount of spending by the government so we can start paying down the debt. The D's seem to think we can tax our way out of this. Problem is, they always find a way to outspend the taxes they take in.
Reply to this Top
Democrats have a much better record of controlling spending than Republicans.
Reply to this Top
If that's true, then how come after the bush tax cuts there was a 44% increase in revenue?
Reply to this Top
I’m not positive the place you're getting your information, but good topic. They Did Not Believe that I Possibly Could Develop into a best place to get dresses Professional...Now I am! good places to buy dresses http://www.squidoo.com/uk-dresses#module161811091
Reply to this Top
Read it, liked it, many thanks for it.The things everyone else actually does in relation to best place to get dresses and the things you'll need to do totally different. designer dresses http://www.squidoo.com/uk-dresses
Reply to this Top
On so many levels, I am more more offended by the “generic commenter” than by the more obvious spammer. You may ask why Because at least the obvious spammer is more open and honest with their spamming! I know what they are trying to do. The so called generic spammer is a con man and a faker! You can probably notice that I have very strong opinions towards this group of commenters Laverne Soiro http://blog.lrytas.lt/suzylifts
Reply to this Top
If people commenting just want to receive links then they really should at the very least show the integrity to try and post a related and readable response. All comment spam will do is maybe damage your backlinking efforts and also creates useless links. The only way to behave is to befriend fellow bloggers who have blogs of similar subject matter and hopefully generate really targeted traffic by posting a detailed response. You never know more people will consider that before replying after me, Thank you. Domingo Lawford http://www.blogymate.com/post.aspx?blogid=2094782&t=Are-Shoe-Lifts-Only-For-Enhancing-Height
Reply to this Top
You have remarked very interesting points! ps decent internet site. WikiTravel Mobile http://www.qxnnks.com/bbs/forum.php?mod=viewthread&tid=2226537
Reply to this Top
In a future comment, I will talk about some of the reasoning behind our choices. Great reasoning here. I really do enjoy looking up your blog posts. I have learned a Great deal from them. Julie http://abaia45555555.typepad.com/blog/2011/09/heel-pain-in-children-called-severs-disease.html
Reply to this Top
I am seeking to get a capable writer, extended time in this area. Exceptional write-up! Calahan http://amandafclark.com/wordpress/2010/02/22/tut-a-note-from-the-universe-14/
Reply to this Top
I hope that you are going to be elaborating more on this theme. I am used to a little more information. Emily http://eyesalice081.blog.com/2010/08/25/shoe-lifts-verses-elevator-shoes/
Reply to this Top
Hi, thanks for sharing. fishing rod http://money-lenders.com.sg%2
Reply to this Top
Hi, thanks for sharing. dating http://fastcashloansingapore.net/
Reply to this Top
thmmbsnq <a href="http://www.timberlandschuhede.eu/22-womens-timberland-14inch-stiefel/" title="Frauen Timberland 14inch Stiefel">Frauen Timberland 14inch Stiefel</a>
Reply to this Top