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Romney’s Impossible Tax Promise

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posted on Aug, 4 2012 @ 09:35 PM
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Tax experts — including one who supports Romney’s plan — say the Republican presidential candidate’s promise to cut individual income tax rates without either favoring the wealthy or losing revenue isn’t mathematically possible. That’s the conclusion of the Tax Policy Center in a report the Romney campaign attacked as “biased” (although the campaign previously praised the TPC as “objective,” when it issued a report critical of a rival’s tax plan). And it’s also the conclusion of an expert from the pro-business Tax Foundation, who states that the Tax Policy Center analysis “correctly identified the Romney plan as a tax cut, at least in static terms, that accrues mainly to high-income earners.”

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So more and more experts are coming out saying Romney's tax plan isn't all goody goody like he tries to make it out to be. He's trying to pull the wool over everyone's eyes, but now the experts are saying not so fast, the people need to know the truth.

I find it hillarious how now romney call's this tax group biased, although he supported them when they were critical of Obama's tax plan as well.

Experts say he can't cut rates without losing revenue or favoring the wealthy




posted on Aug, 4 2012 @ 10:27 PM
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But he says it will bring jobs back to America. Just like the past four decades of tax breaks was supposed to bring jobs back. I wouldn't be surprised if the idiot believed trickle down economics works too.



posted on Aug, 5 2012 @ 10:09 PM
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Originally posted by buster2010
I wouldn't be surprised if the idiot believed trickle down economics works too.


No No , I bet he was a big supporter of trickle down economics simply because he would be one of the ones getting to trickle the money down at his pleasure, the rich bastard he is.



posted on Aug, 5 2012 @ 11:35 PM
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the only way to bring jobs back to this country is to punish the companies sending jobs over seas to dodge their tax responsibility and to get cheap labor . tariff all parts they make overseas tax all products they make overseas and want to sell here for inflated price . if gm wants to make cars in brasil and import them here fine but they need to pay same tariff fees on them that toyota and porshe pays for i,porting their foreign made cars its only fair.. cut out tax breaks that are sending jobs out of states. if delta is getting a biog tax break for having a factory in lets say who gives a crap usa and then announces they are moving operations to mexico recind its tax breaks immediately and make them have to pay to retrain all its us workers who are losing their jobs plus make them pay those employees a years worth of pay to hold them over while they try to look for work on top of unemployment benefits yes i know this sounds excessive but this is designed to stop jobs from leaving country. this will never happen tho because all politicians for the most part in Washington are bought and paid for by mega-corporations. .,



posted on Aug, 6 2012 @ 12:26 AM
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Romney's tax plan and economic plan is a disaster. The Center for American Progress found that his plan would kill 360,000 jobs the first year alone. His plan has one area of focus - tax incentives for outsourcing jobs.

Romney’s New Tax Incentive for Outsourcing U.S. Jobs
How Romney's Plan Would Reward Foreign Outsourcing

Romney’s proposed exemption for foreign profits would exacerbate the worst features of our current tax system. It would:
  • Enhance the tax code’s rewards for moving jobs and investments overseas
  • Provide a gratuitous windfall to some of the very companies that have already shifted jobs and profits overseas
  • Further invite the offshore tax haven abuse that deprives the U.S. Treasury of tens of billions of dollars in revenue every year


In a white paper outlining his economic platform, Believe in America: Mitt Romney’s Plan for Jobs and Economic Growth, he offers a 59-point plan to create jobs and lower unemployment. Unfortunately, no amount of economic theory, real world evidence, basic arithmetic, or just plain logic could substantiate the belief that his 59-point jobs plan could create even 59 net new jobs in the U.S. economy… In total, by a conservative tally, Gov. Romney’s 59-point plan would actually cost the economy about 360,000 jobs in 2013 alone.


Romney did not do his state's economy much good as Governor - it was 47th in job growth under his tenure.

Basically all he is doing is sticking to the trickle-down farce of Bush, and handing out big tax rewards to the wealthiest and sticking a tax hike on everyone else, to pay for it all. This isn't just Romney's plan but all the new breed of Republicans, as they also squashed through filibusters the "Bring Jobs Home Act" (House Republicans Block "Bring Jobs Home Act"), which was as bare-bone a no-nonsense act as you could wish for as far as ending tax incentives for offshoring jobs. Republicans don't want to end outsourcing and offshoring American jobs, they clearly want to increase it.



posted on Aug, 6 2012 @ 12:50 AM
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Govt spending is the problem.
Stop so much spending- you wont have to keep raising taxes.

Stop trying to make us accountable for paying off the debt when it was the politicians and banks who added to our irreversable debt crises.

BRING OUR TROOPS HOME- Have them protect our borders- Its a lot cheaper and I bet you they catch way more 'terrorists' and even will cut down on our huge illegal immigration problem.
Two birds- one stone.

The only people who want to raise taxes are the people who dont know how to raise revenue any other way- or they are just not willing to cut on their out of control spending habits that shouldnt be allowed in the first place.

Rich people are no exception- everyone should have to pay the same amount of taxes based off percentages.
It makes things fair all around.



posted on Aug, 6 2012 @ 02:27 AM
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reply to post by proteus33
 


dems tried to cut out beneifits for offshoring jobs. guess who block it? republicans.

another post suggests spending. well, if its spent well, i have no problem. roads, schools, and such. you get what you pay for.



posted on Aug, 6 2012 @ 05:04 AM
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post removed because the user has no concept of manners

Click here for more information.



posted on Aug, 6 2012 @ 06:38 AM
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off-topic post removed to prevent thread-drift


 



posted on Aug, 6 2012 @ 06:40 AM
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Originally posted by Blackmarketeer


Romney did not do his state's economy much good as Governor - it was 47th in job growth under his tenure.



This "47th in job growth" deal has been blown out of context.

Romney did such a good job in creating full employment (unemployment at 4.5% is considered full employment) it doesn't leave much room for growth. How do you improve FULL EMPLOYMENT?
edit on 6-8-2012 by Carseller4 because: (no reason given)



posted on Aug, 6 2012 @ 07:32 AM
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off-topic post removed to prevent thread-drift


 



posted on Aug, 6 2012 @ 08:01 AM
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off-topic post removed to prevent thread-drift


 



posted on Aug, 6 2012 @ 08:54 AM
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Romney will make permenant the Bush tax cuts aswell as push for a further 20% reduction on his own. Include another unfunded mideast war with Iran that he seems hell bent on fighting. The fiscal future looks bright indeed.



posted on Aug, 6 2012 @ 10:57 AM
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Romney's tax plan is the most unbalanced of all. Too favorable to the top and raises taxes on the middle and lower. Plus why are we still giving big tax breaks to companies to flee the USA and outsourcing?

End tax breaks that only go to the wealthy, end tax breaks for outsourcing, impose tariffs and restrictions on free trade. That would restore the budget pronto.



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