Tuesday, October 16, 2012

Tax policy

Great Question!

Mitt Romney reveals how little of a clue he has about the middle class. He promises to get rid of carried interest taxes for the middle class, as if the taxes on middle class savings, investments, and bonds were keeping middle class workers up at night. That was unbelievably tin-eared for people who have lost their savings, for whom their stock portfolios took a beating.

President Obama stands on his record of cutting taxes for the middle class and small businesses. Why isn't he hitting Romney here?

Talks about deficit reduction. Talks about Republican hostage taking.

Turns to Romney and revamps 60 Minutes ad, "Yes, I think that's fair. I think that's what grows the economy." What grows the economy is tax credits for small businesses for hiring veterans or sending kids to college.

Mitt Romney: "You heard what I said about my tax plan. The top 5% will continue to pay 60% of the income tax paid." It's no secret that Romney wants to cut the amount taken through income tax and pay for it by gutting tax credits for the middle class. It's also no secret that he wants to cut non-income tax rates to 0%. "I know why jobs come and why they go."

President Obama: Let's do the math. It costs about $5 Million. Plus $2 Trillion in unnecessary defense spending. Plus $1 Trillion for Bush Tax Cuts. Hasn't been able to wrap the math into a coherent story besides, "This is a sketchy deal"

Mitt Romney: "Of course they add up." I've balanced budgets, then he adds that he didn't do anything in Massachusetts. Romney is straining credulity when he sidesteps his plan.

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