I BELIEVE ROMNEY ABOUT TAXES

If you have been listening to Gov. Mitt Romney in his campaign speeches, he frequently emphasises he will NOT raise taxes on the middle and working class.

I believe him.

But he never says what he will do with the already wealthy and the top 1%. He never disputes the claims against him that he will lower taxes for the rich. Hmmmm

That means the debt will increase on the back of the middle and working class.

Or didn’t you notice?

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28 thoughts on “I BELIEVE ROMNEY ABOUT TAXES

  1. I don’t know why I continue to do your research for you my friend. All you need to do is go to the Tax Policy Center and review their analysis of the Romney tax plan. You’ll find enough there to keep you with info and data for your blog up to and after the election.

    • Bob not saying he doesn’t have a BS plan for the public, but he doesn’t pounce on it, and you know he has to honor the big boys including himself with tax cuts, it’s in the stars.

  2. Any tax cut from any President is going to benefit the rich because the rich pay the lions share of the taxes. We always hear how there is a tax cut for the rich and none for the little guy, but if you don’t pay taxes, and 50% of Americans dont, there isn’t anything to cut. A percentage of nothing is nothing.I get so tired of the class envy spin.

  3. we never hear it the other way around, the Laurel school taxes for example, the somewhat small percentage of actual taxPAYERS, the “supposed” rich in our town, had a major tax HIKE. No complaints from the same people there?

  4. Here’s Frank’s logic. Tax the rich more. Take that money out of the economy and give it to the government where at least a third of it is wasted before it ever gets to those it’s intended for. That makes a lot of sense in today’s economy, doesn’t it? My logic, cut the spending of the federal government.

      • You all seem to forget the best prosperity this country had was when Clinton raised taxes on the wealthy, trying to even the playing field. The worst economy we had was when Bush lowered the tax rates for the wealthy.
        Wootten no president will ever be able to cut government spending. See my column in a couple weeks for the reasons why.

  5. Don’t know what he could of done, do know you can’t change a flash flood in midstream. Makes you wonder; things going great and Clinton raises taxes and here we go. But then did Bush wait too long cut them. Hate both wars, see no point in them. Don’t have a problem with the bank regs ,really don’t think they go far enough. Think the big banks should be busted like Ma Bell years ago. Can’t say a single good thing about the bunch in DC from the white house to the hill so I won’t go there.

  6. OK, let’s try this! The rich did not get that way by being dumb! The rich are rich because they worked at it and were successful. Why not let them run the country for a while and see if it works for the country. IT COULD NOT BE ANY WORSE THAN WHAT WE HAVE NOW !!!!!!!

  7. Frank, please watch this 1.5 min video of the democrats acusing regulators of overreaching and explain to us how they have no faught in the recession. You can’t blame this video on Fox or Bush, it’s straight from the horses(ass) mouth.
    I’ll be looking forward to your response.

  8. It was the Clinton administration that used CRA (Community Redevelopment Act, a Carter-era law designed to encourage minority home ownership), to dictate where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans. It was either that or face stiff government penalties. Bush wanted to tighten oversight with a new regulatory board for Fannie Mae, Freddie Mac for the purpose of addressing bad loan practices — and Democrats objected for fear that tighter regulation could sharply reduce their commitment to financing low-income housing.

    This article from The New York Times dated 9/11/03

    The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

    Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

    The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

    The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

    • You are correct..my article was directed to the banking industry, Lehman Bros, and the banks that followed. I don’t believe FM and FM caused the banking failures. I remember well the push by the Clinton Adm to get out Lon’s, still Bush eliminated the regulations and he gets blame for that not Clinton. He had the Congress to control the banks.

  9. Feeling overtaxed? Under the U.S. income tax system, most of the taxes collected are supposed to be paid by the people who make the most money. Thanks to President Bush’s tax cuts, that is exactly the way the system works, says the U.S. Treasury Department.
    According to the Office of Tax Analysis, the U.S. individual income tax is “highly progressive,” with a small group of higher-income taxpayers paying most of the individual income taxes each year.

    •In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

    •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

    •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total.
    Treasury Department analysts credit President Bush’s tax cuts with shifting a larger share of the individual income taxes paid to higher income taxpayers. In 2005, says the Treasury, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.

    •The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.

    •The share of taxes paid by the top 1 percent of taxpayers will rise from 32.3 percent to 33.7 percent.

    •The average tax rate for the bottom 50 percent of taxpayers falls by 27 percent as compared to a 13 percent decline for taxpayers in the top 1 percent.
    The White House has announced it will lobby Congress to pass legislation making most of President Bush’s tax cutting measures permanent.

    If this is wrong don’t argue with me about it. This information is straight from the US Treasury Dept. office of Taxpayer Aanalysis !

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