Quote:
Originally Posted by rubicon
Arthur L, Ecomonist (Laffer curve) wrote an article for WSJ 1/31/12 (today) with the above-named title. Here is an excerpt from that article: "Hong Kong where there has been a 15% flat tax (Gingrich Plan) on individuals since 1947 is truly a shining city and one of the most prosperous cities in history . Ireland 12.5% flat business income tax. propelled the Emerald Isle out of two and half centuries of poverty" Romney's tax proposal including eliminating the death tax, reducing corporate tax rate to 25% and extending the current tax on personl income, interest, dividends and capital gains would be an improvement over President Obama's but they don't have the boldness, internal integrity of Mr. Gingrich's personal and business flat taxes."
Translated: If you are the 49% not paying taxes you will gain more with Obama, lose more with Gingrich and remain neutral with Romney.
If you are that so called 1% you lose with Obama, fare better with Gingrich and God bless Romney for the windfall...just keep those big bonuses coming
If you are the middle class you will continue to lose with Obama, and you will lose with Romney because his plan will create a greater tax obligation as he shift more of that obligation from his rich buddies to the middle class.
congratualtions to those of you who voted for Romney, if elected you just increased your tax obligations.
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I just watched a news clip of Romney speaking for himself and I think the above quote is not a complete and fair representation of his tax plan.
It's true that he would only reduce the corporate tax rate to 25%, which could be seen as not being bold enough, but there's more:
Anyone earning less than $200,000 per year would pay no tax on savings, dividend interest and no tax on capital gains. In the mean time, he would extend the Bush tax cuts. It doesn't happen all at once: There's a first wave and second wave. This sounds like a good deal for the middle class, especially those of us who are retired and trying to protect and grow our retirement savings.
P.S. The above is from my notes as it was not in writing, it was a news clip. There may be some aspects of his plan that I didn't cover above, due to time constraints.