I watched a Mitt Romney interview on Fox News Sunday a week or two ago and was really amazed that Mitt Romney is even running on the Republican Party. I’m even more dumbfounded that this guy is leading the republican race.
His entire tax plan was to eliminate capital gains and dividends tax for the middle class. He offers no reduction of income taxes… no plan to make America more competitive than the rest of the world. And he thinks this is going to get our economy going? It’s beyond me how someone with so many advisers around him thinks that eliminating capital gains and dividends tax for the middle class is going to do anything for this economy. How is this guy leading the Republican Party?
Capital gains tax is 15% and you pay it when you sell something like stocks and mutual funds that weren’t in tax deferred Ira’s or you sell a company to someone else. You also pay the 15% on dividends. Someone would have dividends if they own a company or own stock or mutual funds in a broker account that isn’t tax deferred.
Let me ask you something. How many middle class Americans pay capital gains and dividends taxes? I’m amazed that Mitt Romney thinks we’re so stupid, and MORE AMAZED that the American voters are buying it?
So Mitt Romney thinks that someone in middle class America making 50,000 a year or let’s just say even 100,000 a year has SO many investments that they’ve maxed out their 401K contributions, their Roth IRA, a traditional IRA, AND THEN they have so much more discretional income to invest into dividend paying stocks that they are burdened by a 15% capital gains tax? I bet 100 out of 100 people making 50,000 a year do not pay this tax already. I also bet 98 out of 100 people making 100,000 a year do not pay this tax. Even if they did, this is such a miniscule amount of savings!! And THIS is going to turn our economy around? Forget lowering the rates to the point of the US being competitive and people flocking to America to invest. Forget Google and other huge US corporations deciding to bring back their employees from Ireland and quit claiming “Worldwide income” to avoid US taxes. Forget it all! He offers absolutely nothing for us to improve our economy. The dumbest thing is that the other candidates aren’t even pointing this out.
I’m speechless when I realize that no one from the Republican Party has been smart enough to run a campaign on making America competitive again. The jobs won’t come back until we are more competitive than other countries, and Romney just doesn’t get this. Super bummer! Looks like we’re in for another 4 dismal years. There’s no way Romney can beat Obama. No one is going to be excited about him, because he doesn’t really offer anything new, and he’s pretty much a Democrat that says what he thinks Republicans want to hear. I’d rather give Obama another 4 years and hope that 100% of health insurance is covered by the government and that we all could pay 60 bucks a month to government mandated health insurance where every doctor in America is a government employee, doesn’t screw over the insurance companies, and not screwing us over every time we go to the doctor. If anything, it would make the burden of running a business easier and allow employers to pay their employees more. We might as well go all in and give someone a shot instead of this continual cycle of spinning our wheels between parties.
Better buckle down for another rough 4 years America!! Iowa spoke and apparently no one wants a change.