Mitt Romney's core of Vulnerabilty is his lack of a tax plan, Don't you agree?
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Conservatives fear that President Obama’s wave of attacks on Mitt Romney’s business record and tax returns are succeeding at defining the Republican nominee. A key reason this is working, they say, is that Romney has failed to define himself — and his tax platform offers a compelling window into this phenomenon.
If only Romney emulated the conservative candidate they’ve long yearned for, they argue, he could insulate himself from attacks on his business record, unreleased tax returns, and anything else Obama might throw his way.
At a glance, these might appear to be unrelated issues. What do Romney’s personal finances and private sector career have to do with his social and economic policy bona fides?
Directly, very little. But an obvious tension between Romney’s desire to appeal to conservative power players without alienating the middle- and working-class voters he needs to win in November underscores their point. if he can’t rebut attacks on his business career and his finances, and he can’t tout his key gubernatorial achievement ‘Romneycare’, he ought to have at least one issue to champion. Yet even when it comes to the right’s top issue — taxes — Romney’s hedging has left him friendless; middle class voters see him championing tax breaks for the wealthy, and conservatives aren’t sure he’ll follow through on their goals of forcing major cuts to the safety net and other domestic programs, while preventing significant cuts to defense spending.
Under persistent pressure from the right during the GOP primary, Romney released a revised tax plan late in February pledging to reduce all tax rates by 20 percent, establishing a top individual rate of 28 percent. A campaign spokesperson tells TPM the plan remains current.
The presumptive Republican nominee’s chief economic adviser Glenn Hubbard told CNBC the plan would slash each of the six tax brackets from their Bush-era rates — 10, 15, 25, 28, 33, and 35 percent — down to 8, 12, 20, 22.4, 26.4, and 28 percent, respectively. He also wants to cut the corporate tax rate to 25 percent.
At the same time, he claims his plan will be deficit neutral, and that he’ll close out longer-term deficits by cutting unspecified federal programs over time.
http://taxpolicycenter.org/ta...
MORE taxes on the poor and middle class
LESS OR NO txes for the wealthiest!
Now what about this isn't a plan?:
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 corpor...
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Now what about this isn't a plan?:
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)
Set Honest Goals: Cap Spending At 20 Percent Of GDP
Any turnaround must begin with clear and realistic goals. Optimistic projections cannot wish a problem away, they can only make it worse. As president, Mitt’s goal will be to bring federal spending below 20 percent of GDP by the end of his first term:
Reduced from 24.3 percent last year; in line with the historical trend between 18 and 20 percent
Close to the tax revenue generated by the economy when healthy
Requires spending cuts of approximately $500 billion per year in 2016 assuming robust economic recovery with 4% annual growth, and reversal of irresponsible Obama-era defense cuts
Take Immediate Action: Return Non-Security Discretionary Spending To Below 2008 Levels
Any turnaround must also stop the bleeding and reverse the most recent and dramatic damage:
Send Congress a bill on Day One that cuts non-security discretionary spending by 5 percent across the board
Pass the House Republican Budget proposal, rolling back President Obama’s government expansion by capping non-security discretionary spending below 2008 levels
Follow A Clear Roadmap: Build A Simpler, Smaller, Smarter Government
Most importantly, any turnaround must have a thoughtful, structured approach t...
>
Set Honest Goals: Cap Spending At 20 Percent Of GDP
Any turnaround must begin with clear and realistic goals. Optimistic projections cannot wish a problem away, they can only make it worse. As president, Mitt’s goal will be to bring federal spending below 20 percent of GDP by the end of his first term:
Reduced from 24.3 percent last year; in line with the historical trend between 18 and 20 percent
Close to the tax revenue generated by the economy when healthy
Requires spending cuts of approximately $500 billion per year in 2016 assuming robust economic recovery with 4% annual growth, and reversal of irresponsible Obama-era defense cuts
Take Immediate Action: Return Non-Security Discretionary Spending To Below 2008 Levels
Any turnaround must also stop the bleeding and reverse the most recent and dramatic damage:
Send Congress a bill on Day One that cuts non-security discretionary spending by 5 percent across the board
Pass the House Republican Budget proposal, rolling back President Obama’s government expansion by capping non-security discretionary spending below 2008 levels
Follow A Clear Roadmap: Build A Simpler, Smaller, Smarter Government
Most importantly, any turnaround must have a thoughtful, structured approach to achieving its goals. Mitt will attack the bloated budget from three angles:
The Federal Government Should Stop Doing Things The American People Can’t Afford, For Instance:
Repeal Obamacare — Savings: $95 Billion. President Obama’s costly takeover of the health care system imposes an enormous and unaffordable obligation on the federal government while intervening in a matter that should be left to the states. Mitt will begin his efforts to repeal this legislation on Day One.
Privatize Amtrak — Savings: $1.6 Billion. Despite requirement that Amtrak operate on a for-profit basis, it continues to receive about $1.6 billion in taxpayer funds each year. Forty-one of Amtrak’s 44 routes lost money in 2008 with losses ranging from $5 to $462 per passenger.
Reduce Subsidies For The National Endowments For The Arts And Humanities, The Corporation For Public Broadcasting, And The Legal Services Corporation — Savings: $600 Million. NEA, NEH, and CPB provide grants to supplement other sources of funding. LSC funds services mostly duplicative of those already offered by states, localities, bar associations and private organizations.
Eliminate Title X Family Planning Funding — Savings: $300 Million. Title X subsidizes family planning programs that benefit abortion groups like Planned Parenthood.
Reduce Foreign Aid — Savings: $100 Million. Stop borrowing money from countries that oppose America’s interests in order to give it back to them in the form of foreign aid.
If pursued with focus and discipline, Mitt’s approach provides a roadmap to rescue the federal government from its present precipice. But that respite will be short-lived without a plan for the looming long-term threat posed by the unsustainable nature of existing entitlement obligations. Learn more about Mitt’s proposals for entitlement reform: [links to Medicare and Social Security]
Empower States To Innovate — Savings: >$100 billion
Block grants have huge potential to generate both superior results and cost savings by establishing local control and promoting innovation in areas such as Medicaid and Worker Retraining. Medicaid spending should be capped and increased each year by CPI + 1%. Department of Labor retraining spending should be capped and will increase in future years. These funds should then be given to the states to spend on their own residents. States will be free from Washington micromanagement, allowing them to develop innovative approaches that improve quality and reduce cost.
Improve Efficiency And Effectiveness. Where the federal government should act, it must do a better job. For instance:
Reduce Waste And Fraud — Savings: $60 Billion. The federal government made $125 billion in improper payments last year. Cutting that amount in half through stricter enforcement and harsher penalties yields returns many times over on the investment.
Align Federal Employee Compensation With The Private Sector — Savings: $47 Billion. Federal compensation exceeds private sector levels by as much as 30 to 40 percent when benefits are taken into account. This must be corrected.
Repeal The Davis-Bacon Act — Savings: $11 Billion. Davis-Bacon forces the government to pay above-market wages, insulating labor unions from competition and driving up project costs by approximately 10 percent.
Reduce The Federal Workforce By 10 Percent Via Attrition — Savings: $4 Billion. Despite widespread layoffs in the private sector, President Obama has continued to grow the federal payrolls. The federal workforce can be reduced by 10 percent through a “1-for-2” system of attrition, thereby reducing the number of federal employees while allowing the introduction of new talent into the federal service.
Consolidate agencies and streamline processes to cut costs and improve results in everything from energy permitting to worker retraining to trade negotiation.
NOBAMA in 2012!
Obama hasn't had a budget OR a plan for the last 3.5 years, so why does his opponent have to? Mr Romney will disclose his tax records way back to 1912 if and when Obama discloses these:
1. Occidental
College records....SEALED
2. Columbia College records....SEALED
3. Columbia Thesis paper....SEALED
4. Harvard College records....SEALED
5. Selective Service Registration....SEALED
6. Uses SSN from the State of Connecticut
even though never a resident of the state....HOW?
SEALED
7. Medical records....SEALED
8. Illinois State Senate schedule....SEALED
9. Illinois State Senate records....SEALED
10. Law practice client list....SEALED
11. Certified copy of original Birth
Certificate....SEALED
12. Signed Embossed paper Certificate of
Birth....SEALED
13. Baptism record....SEALED
14. He and Michelle Obama returned law permit to
Illinois in 1993 and can no longer practice law, why? SEALED
15. Law School and ACT Test scores....SEALED
16. Why did he get "Foreign Student Grand Aid" as
a student? SEALED
17. How could he travel for weeks with his beau to
Pakistan ...
Obama hasn't had a budget OR a plan for the last 3.5 years, so why does his opponent have to? Mr Romney will disclose his tax records way back to 1912 if and when Obama discloses these:
1. Occidental
College records....SEALED
2. Columbia College records....SEALED
3. Columbia Thesis paper....SEALED
4. Harvard College records....SEALED
5. Selective Service Registration....SEALED
6. Uses SSN from the State of Connecticut
even though never a resident of the state....HOW?
SEALED
7. Medical records....SEALED
8. Illinois State Senate schedule....SEALED
9. Illinois State Senate records....SEALED
10. Law practice client list....SEALED
11. Certified copy of original Birth
Certificate....SEALED
12. Signed Embossed paper Certificate of
Birth....SEALED
13. Baptism record....SEALED
14. He and Michelle Obama returned law permit to
Illinois in 1993 and can no longer practice law, why? SEALED
15. Law School and ACT Test scores....SEALED
16. Why did he get "Foreign Student Grand Aid" as
a student? SEALED
17. How could he travel for weeks with his beau to
Pakistan in 1981. SEALED
18. On what
passports did he leave US to see Grandma Obama and on which ones did he get
into Pakistan? PASSPORTS SEALED.
18. How were the
tens of thousands of College Years funded?
SEALED
19. Where are the
adoption records of Barry Soetoro?
SEALED
20. At Chicago, what did part-time Lecturer Obama
write, like a path-breaking legal article or a book on jurisprudence that
warranted a rare tenure offer and has such offer ever been extended to others
of like stature? ... SEALED
21. Why did he
apply for a loan as Harrison J Bounel?