Can someone please explain Romney's tax plan to me in plain English? Because I still have no idea what he plans to do.
I'm still waiting for you guys to explain Romney's plan.
I thought it was pretty self explanatory but maybe you weren't paying attention.
I won't put in place a tax cut that adds to the deficit. That's part one. So there's no economist can say Mitt Romney's tax plan adds $5 trillion if I say I will not add to the deficit with my tax plan.
Number two, I will not reduce the share paid by high-income individuals. I know that you and your running mate keep saying that, and I know it's a popular thing to say with a lot of people, but it's just not the case. . . . I will not reduce the taxes paid by high-income Americans.
(Don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today,” Romney said. The top 5% income earners pay approximately 60% of all taxes.) - this is another quote from him in an earlier interview.
And number three, I will not, under any circumstances, raise taxes on middle-income families. I will lower taxes on middle-income families.
That’s really all there is to it. Romney claims that he’ll keep taxes the same for the rich; cut taxes for everyone else and not add to the deficit.
How will he balance the budget?
"What things would I cut from spending?” Romney said. “I will eliminate all programs by this test: Is the program so critical it's worth borrowing money from China to pay for it? And if not, I'll get rid of it. Obamacare's on my list. ... I'm sorry, Jim, I'm going to stop the subsidy to PBS. I'm going to stop other things. I like PBS. I love Big Bird. Actually like you, too. But I'm not going to keep on spending money on things to borrow money from China to pay for [it]
In short Romney wants to create an environment that affords business to grow so it can employ more people. Adding more employed people adds to the tax base which in turns adds more dollars to the federal coffers. Don’t raise taxes, raise more employed people.
The one thing Romney said last night summarizes how I feel is this ...
“Under the president’s policies, middle-income Americans have been buried,” Romney said. “They’re just being crushed. Middle-income Americans have seen their income come down by $4,300. This is a tax in and of itself. I’ll call it the economy tax. It’s been crushing. At the same time, gasoline prices have doubled under the president. Electric rates are up. Food prices are up. Health care costs have gone up by $2,500 a family. Middle-income families are being crushed.
I haven't had a raise in 5 years, have had my salary cut, and yet I pay more for everything. Although I haven't lost my job I am significantly lower than where I was 4 years ago as is most people. The tax relief I have gotten has not come close to helping make up the difference. I would gladly give it back to have the workforce pick back up so that the county could collect taxes so we would have money etc.
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