Romney did an interview on 60 Minutes the other night as a watched I couldn’t believe what I was hearing. This is the most in-depth he has been on
what he would do if elected.
He said he would eliminate taxes on middle income families for interest, dividends, and capital gains.
Romney’s own words were Middle-income people will probably see a little break, because there'll be no tax on their savings.
I do not know anyone personally that it would help but I am sure it will help some people.
When he was asked if he thought it was fair that on the 20 million dollars he made last year from capital gains he was taxed at 14% he said Yeah,
I -- I think it's -- it's the right way to encourage economic growth, to get people to invest.
So capital gains are profits that you make off of financial assets, such as shares/stocks or bonds; and intangible assets such as goodwill. He says
they need to be low so people will start businesses.
A person like Romney never has to start a business to make money he makes a fortune off of his investments. I just do not see any reason why a person
that is wealthy like him would leave a racket like that he already gets taxed less than anyone else. I just do not see how keeping the rate low
encourages anyone to start a business. If it did wouldn’t he have invested or started a business after all he has been doing it for a long time.
Romney wants to lower corporate rates so it can compete with capital gains rates but he would need to close tax loopholes to pay for the loss in
revenue to the government.
Wouldn’t raising capital gains rates to corporate rates encourage people to put their money into businesses where they can make more money instead
of having it sit in stocks and bonds?(capital gains)
If you closed the loopholes as well wouldn’t we be even closer to paying off the debt?
When they asked him about specifics he says well we will have to work that out.
--ROMNEY: Well, that's something Congress and I will have to work out together. My -- my experience as a governor...
PELLEY (on camera): You're asking the American people to hire you as President of the United States. They'd -- they'd like to hear some
specifics.
The devils in the details. The angel is in the policy. That magic underwear must also help him dodge questions.
PELLEY: You have heard the criticism, I'm sure, that your campaign can be vague about some things. And I wonder if this isn't precisely one of
those things?
ROMNEY: It's very much consistent with my experience as a governor ........
Asked if this is this was an instance where he is being vague. He says it’s consistant to when he was governor.
Geez that’s reassuring. He must have been a pain to work with.
We need trillions of dollars in budget cuts
He says he will cut healthcare 100 billion.
Turn federal programs over to the states 100 billion.
Cut back on the size of government (fire people) unknown amount.
He listed 200 Billion plus an unspecific amount.
Listening to Mitt spin this web. (PRICELESS)
Do away with medicade, housing vouchers, and food stamps and send the money that would have funded it to the states. Let’s hope your governor
isn’t a dirt bag. You better pay attention to who you elect to run your state it could be more important than who becomes president.
How is this going to lower the deficit? Grow them at the rate of inflation in some cases plus 1%.
Because it is a lower of growth he says it should save about 100 billion a year.
How? This sounds more and more like wishful thinking maybe even magic!
He did say in in a secret tape that has been released he believes the economy will recover just because he would be president he then says well maybe
not he just doesn’t know. More Magic.
The president is cutting 716 billion dollars from Medicare Romney criticizes that except that is how much Obamacare saves in Medicare costs. He says
he would not make those cuts.
(The law reduces future growth in Medicare costs by $716 billion over 10 years, according to the nonpartisan Congressional Budget Office. But that
money isn’t cut from Medicare’s current budget and spending will continue to increase.)
Politifact
Let's go over this slowly. The Republicans have been telling the American people that Obamacare is expensive and will bankrupt the country. But
when they asked the CBO what would happen if they repealed Obamacare, they discovered that it would result in an additional $716 billion in Medicare
costs. Overall, the CBO estimated that the cost of repeal would be $109 billion over the next ten years. So, the truth is that ObamaCare saves us
money.
source
If he cuts ObamaCare it will cut a 100 billion but cost a 109 Billion in the 1st year.
Romney: Well, I don't want any change to Medicare for current seniors or for those that are nearing retirement. So the plan stays exactly the
same. The president's cutting $716 billion from current Medicare. I disagree with that. I'd put those dollars back into Medicare.
Pelley: Mr. Ryan has proposed something similar, almost precisely the same number, 716.
Romney: Yeah. He was going to use that money to reduce the budget deficit. I'm putting it back into Medicare and I'm the guy running for president,
not him.
There you have it, in a nutshell. Mitt Romney is the guy running on a promise to spend $716 billion more on Medicare than either Paul Ryan or Barack
Obama. To voters concerned about entitlement spending and the effect on the deficit and debt, the message sent is, "I'm not your guy."
Romney plan for those who can’t afford medical insurance is no insurance. He seems to think what they have now is just fine. Everyone knows
emergency room care is great preventive medicine. Or is it?
PELLEY: Does the government have a responsibility to provide health care to the fifty million Americans who don't have it today?
ROMNEY: Well, we do provide care for people who don't have insurance, people -- we -- if someone has a heart attack, they don't sit in their
apartment and -- and die. We -- we pick them up in an ambulance, and take them to the hospital, and give them care. And different states have
different ways of providing for that care.
PELLEY: That's the most expensive way to do it.
Romney states he would have Means Testing for Social Security
If you study the "means testing" proposals it quickly becomes clear they're not targeting "millionaires" at all. The Concord Coalition, a
right-wing group that first pushed this idea, thinks that the "means-tested" cuts should begin with people who have earned more than twenty thousand
dollars per year during their working lives.
Twenty thousand dollars.
Funny thing: The people who express outrage over millionaires collecting Social Security are the very same people who keep lavishing tax cuts on them.
And if you try to stop them they cry "class warfare"! There can't be any worse example of "class warfare" that demonizing some old well-to-do
couple as they're going to the Post Office to pick up their checks.
source
Reading the transcript is almost comical. Sources continued in next post.
