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US159 - Romney Plan for Individual Taxes
| Lower marginal tax rates and broaden the base to secure for all Americans the economic gains from tax reform | |
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Description
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 to 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)
- Let Obama's tax cuts for low-income families with children expire
Sources: mittromney.com and Huffington Post
Counterarguments
In the midst of the worst recession since the Great Depression of the 1930s, the middle class is collapsing and poverty is increasing. Meanwhile, the people at the top are doing phenomenally well. The crooks on Wall Street whose greed precipitated this recession are now earning more money than before the American people bailed them out. The top one percent in our country now earn over 23 percent of all income, more than the bottom 50 percent. The U.S. today has by far the most unequal distribution of income and wealth of any major country on earth and the gap between the very rich and everyone else is growing wider. While "official" unemployment is at 9.8 percent, real unemployment is over 16 percent – being especially high for blue collar workers. Despite all of this the Republicans, whose campaigns are funded by some of the richest people and largest corporations in the country, want more tax breaks for the wealthy, more government deregulation, more unfettered free trade, more anti-union legislation and no more funding for unemployment benefits.
Source: bernie.org
Source: bernie.org
From Huffington Post: "Overall, Romney's plan would reduce tax revenues by $180 billion in 2015, adding to the federal budget deficit, the study [by Tax Policy Center] said. Romney's campaign disputes the estimate, saying tax cuts in the plan would help improve the economy, leading to more revenue."
Our taxes are not too high - that is not what is keeping us from greater success. We won't fall for another big tax cut to the rich.
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Related Ideas
| Eliminate the Death Tax More detail | |
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| Repeal the Alternative Minimum Tax (AMT) More detail | |
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| Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains More detail | |
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| Maintain current tax rates on interest, dividends, and capital gains More detail | |
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| Make permanent, across-the-board 20% cut in marginal rates More detail | |
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| Let Obama's tax cuts for low-income families with children expire More detail | |
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