What does Romney's tax filings or his dogs, or Obama’s birth certificate, academic records or passport have to do with YOU and your Family personally? Well then, this issue certainly will do so... ON PAYDAY!
Are you directly affected by Romney’s failure to disclose his tax records?
Are you directly affected by Obama’s failure to disclose his academic, passport or social security records?
Are you directly affected by Romney’s 20 year old dog story, or Obama’s birth certificate? No? Well then what issues WILL directly affect you, your family and your economic well being? Of course the answer is… TAXES.
Battle of the Tax Plans:
Obama vs Romney (and that other guy).
== == ==
Pres. Obama’s Plan
President Obama has cut taxes for middle-class families and small businesses. One of the first things he did in office was cut taxes for 95 percent of working families. He has also signed 18 tax cuts for small businesses and extended the payroll tax cut for all American workers and their families, putting an extra $1,000 in the typical middle-class family’s pocket.
For too long, the U.S. tax code has benefited the wealthy and well-connected at the expense of the vast majority of Americans. A third of the 400 highest income taxpayers paid an average rate of 15 percent or less in 2008.
That's why President Obama proposed the Buffett Rule, asking millionaires and billionaires to do their fair share. But if you're one of the 98 percent of American families who make under $250,000 a year, your taxes won’t go up.
The President has asked Congress to take action to reform our tax code and close tax loopholes for millionaires and billionaires, as well as hedge fund managers private jet owners, and oil companies.
== == ==
Okay, that’s it. President Obama’s entire highly detailed plan for streamlining our complex tax code. In summary the President says that he wants gov’t to have the ability to “Pick and choose which Americans we want to selectively punish for their being too successful.”
Gov. Romney’s Plan
Reducing and stabilizing federal spending is essential, but breathing life into the present anemic recovery will also require fixing the nation’s tax code to focus on jobs and growth. To repair the nation’s tax code, marginal rates must be brought down to stimulate entrepreneurship, job creation, and investment, while still raising the revenue needed to fund a smaller, smarter, simpler government. The principle of fairness must be preserved in federal tax and spending policy.
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)
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)
Okay, that’s it. Romney’s highly detailed plan for streamlining our complex tax code. In summary the Mr. Romney says that he wants gov’t to have the ability to “Pick and choose which Americans we want to selectively punish for their being too successful.”
Gov. Johnson’s plan
THE ECONOMY AND TAXES
Americans are more concerned than ever before about the future of our economy, and those concerns are well-founded. As a nation, we simply can't afford to continue borrowing 43 cents out of every dollar we spend. Balancing the budget will mean making some serious changes in Washington, but these will be the corrections America needs to remain a free, prosperous, and secure nation.
The U.S. must Adopt 3 Approaches:
THIS RECESSION HAS FORCED FAMILIES AND BUSINESSES across America to make hard choices and limit their expenditures. We must now expect our elected officials to make the tough calls that will keep our government on a sustainable path moving forward. We must restrain spending across the board:
CUT SPENDING -
- Revise the terms of entitlement programs such as Medicare, Medicaid, and Social Security, which threaten to bankrupt the nation's future.
- Eliminate the costly and ineffective military interventions in Iraq and Afghanistan; limit defense spending to actions that truly protect the United States.
- Stop spending on the fiscal stimulus, transportation, energy, housing, and all other special interests. The U.S. must restrain spending across the board.
CUT TAXES –
THE U.S. TAX SYSTEM IMPOSES AN ENORMOUS toll on productivity through high marginal rates, absurd complexity, loopholes for the well-connected, and incentives for wasteful decisions. A better, fairer system will be:
- Abolish the Internal Revenue Service.
- Enact the Fair Tax to tax expenditures, rather than income, with a 'prebate' to make spending on basic necessities tax free.
- With the Fair Tax, eliminate business taxes, withholding and other levies that penalize productivity, while creating millions of jobs.
- Suggested Reading: www.FairTax.org *
REDUCE FEDERAL INVOLVEMENT IN THE ECONOMY –
MUCH FEDERAL INTERVENTION IS A PAYOUT TO special interests or counterproductive meddling that stifles competition, innovation, and growth.
- Reject auto and banking bailouts, state bailouts, corporate welfare, cap-and-trade, card check, and the mountain of regulation that protects special interests rather than benefiting consumers or the economy.
- Restrict Federal Reserve policy to maintaining price stability, not bailing out financial firms or propping up the housing sector.
- Eliminate government support of Fannie and Freddie.
- Reduce or eliminate federal involvement in education; let states expand successful reforms such as vouchers and charter schools.
- Legalize, tax, and regulate marijuana, rather than wasting money on an expensive and futile prohibition.
- Eliminate needless barriers to free trade and make it easier for would-be legal immigrants to apply for work visas.
== == == == == == == == ==
- Please note that both Romney and Obama’s plans are just that… ‘plans’. They are fantasy wish lists. They are not actual bills in congress.
- Here is a list of House Representatives that have COSPONSORED the same Tax Reform Bill advocated by Gary Johnson.
Rep Adams, Sandy [FL-24] - 1/5/2011
Rep Akin, W. Todd [MO-2] - 1/5/2011
Rep Alexander, Rodney [LA-5] - 1/11/2011
Rep Bartlett, Roscoe G. [MD-6] - 1/5/2011
Rep Bilbray, Brian P. [CA-50] - 1/5/2011
Rep Bilirakis, Gus M. [FL-9] - 1/5/2011
Rep Bishop, Rob [UT-1] - 1/5/2011
Rep Bonner, Jo [AL-1] - 6/18/2012
Rep Boren, Dan [OK-2] - 1/5/2011
Rep Brady, Kevin [TX-8] - 7/29/2011
Rep Brooks, Mo [AL-5] - 1/5/2011
Rep Broun, Paul C. [GA-10] - 4/4/2011
Rep Burton, Dan [IN-5] - 1/5/2011
Rep Carter, John R. [TX-31] - 1/5/2011
Rep Conaway, K. Michael [TX-11] - 1/5/2011
Rep Crenshaw, Ander [FL-4] - 1/5/2011
Rep Culberson, John Abney [TX-7] - 1/5/2011
Rep Duncan, Jeff [SC-3] - 1/5/2011
Rep Duncan, John J., Jr. [TN-2] - 1/5/2011
Rep Farenthold, Blake [TX-27] - 1/5/2011
Rep Flake, Jeff [AZ-6] - 1/5/2011
Rep Fleming, John [LA-4] - 1/11/2011
Rep Flores, Bill [TX-17] - 4/19/2012
Rep Foxx, Virginia [NC-5] - 1/5/2011
Rep Franks, Trent [AZ-2] - 4/14/2011
Rep Gibbs, Bob [OH-18] - 3/8/2011
Rep Gingrey, Phil [GA-11] - 1/5/2011
Rep Granger, Kay [TX-12] - 1/6/2011
Rep Graves, Sam [MO-6] - 6/1/2011
Rep Graves, Tom [GA-9] - 1/5/2011
Rep Hall, Ralph M. [TX-4] - 1/24/2011
Rep Hensarling, Jeb [TX-5] - 9/21/2011
Rep Huelskamp, Tim [KS-1] - 1/24/2011
Rep Hunter, Duncan D. [CA-52] - 9/15/2011
Rep Issa, Darrell E. [CA-49] - 1/5/2011
Rep Jenkins, Lynn [KS-2] - 3/8/2011
Rep King, Steve [IA-5] - 1/5/2011
Rep Kingston, Jack [GA-1] - 1/5/2011
Rep Kline, John [MN-2] - 1/24/2011
Rep Lankford, James [OK-5] - 1/5/2011
Rep Lewis, Jerry [CA-41] - 9/12/2011
Rep Long, Billy [MO-7] - 1/5/2011
Rep Lucas, Frank D. [OK-3] - 2/8/2011
Rep McCaul, Michael T. [TX-10] - 1/5/2011
Rep Mica, John L. [FL-7] - 1/5/2011
Rep Miller, Gary G. [CA-42] - 1/5/2011
Rep Miller, Jeff [FL-1] - 1/5/2011
Rep Myrick, Sue Wilkins [NC-9] - 1/5/2011
Rep Neugebauer, Randy [TX-19] - 1/5/2011
Rep Nugent, Richard [FL-5] - 1/5/2011
Rep Olson, Pete [TX-22] - 1/5/2011
Rep Pearce, Stevan [NM-2] - 6/21/2012
Rep Pence, Mike [IN-6] - 1/5/2011
Rep Poe, Ted [TX-2] - 1/5/2011
Rep Pompeo, Mike [KS-4] - 1/5/2011
Rep Posey, Bill [FL-15] - 1/11/2011
Rep Price, Tom [GA-6] - 1/5/2011
Rep Rigell, E. Scott [VA-2] - 3/29/2011
Rep Roe, David P. [TN-1] - 5/3/2011
Rep Ross, Dennis [FL-12] - 1/5/2011
Rep Scott, Tim [SC-1] - 1/5/2011
Rep Stearns, Cliff [FL-6] - 1/5/2011
Rep Stutzman, Marlin A. [IN-3] - 1/5/2011
Rep Sullivan, John [OK-1] - 1/5/2011
Rep Thornberry, Mac [TX-13] - 1/5/2011
Rep Walberg, Tim [MI-7] - 1/5/2011
Rep Westmoreland, Lynn A. [GA-3] - 1/5/2011
Rep Wittman, Robert J. [VA-1] - 1/5/2011
Rep Young, Don [AK] - 1/5/2011
- Here is a list of U.S. Senators that have COSPONSORED the same Tax Reform Bill advocated by Gary Johnson.
Sen Burr, Richard [NC] - 1/25/2011
Sen Coburn, Tom [OK] - 1/25/2011
Sen Cornyn, John [TX] - 3/30/2011
Sen DeMint, Jim [SC] - 1/25/2011
Sen Inhofe, James M. [OK] - 6/6/2011
Sen Isakson, Johnny [GA] - 1/25/2011
Sen Lugar, Richard G. [IN] - 6/6/2011
Sen Moran, Jerry [KS] - 1/25/2011
== == == == == ==
Please note, effective December 31, 2012, the “Bush Tax Cuts” will become… the “Obama Tax Increases”
There is a lot more than just increasing the rates imposed upon the various economic classes of wage earners. Tax rates on massive number of taxes will increase with rate rising by as little as 2 or 3% to as much as 160+% for certain specific taxable events.
For details on how Obama’s tax increases will affect you and all the other folks earning less than $250,000, please see http://www.sodahead.com/united-states/obama-pledged-never-to-...
News & Politics