Mr. Romney opines:
... We have record-breaking unemployment and deficit spending, and
a tax code that looks like it was devised by our worst enemy to tie us in
knots. These three afflictions are interconnected. I have a plan to address
them and achieve three goals: more jobs, less debt, and smaller government.
I've previously outlined exactly where I would cut and how I would reform
entitlements to strengthen them for future generations.
My plan ... stands out not only from President Obama's failed approach of
higher taxes and runaway deficit spending, but also from the
say-anything-to-get-elected fiscal recklessness of some of my Republican
rivals. [He does not seem to be intentionally joking].
First, I will make an across-the-board, 20% reduction in marginal individual
income tax rates. ... Second, I will reduce the corporate tax rate to 25%
from 35%, transition from a world-wide taxation system to a territorial one,
... Third, I will promote savings and investment by maintaining the low 15%
rate on capital gains, ... Fourth, I will ... abolish the death tax ...
repeal the Alternative Minimum Tax ... Fifth, I will bring stability to the
tax code by making these changes permanent.
2-4-8 Response to Romney Tax Plan
Leadership by the well-to do requires innovation,
political judgment and propaganda. Repeat the following:
The best way to create jobs is to give a 20%
tax cut to people who donâ€™t need a tax cut (and who already have jobs).
In fairness, the working class will pay for
their meager portion of the tax cuts with reduced social security and
reduced Medicare benefits.
The best way to balance the budget is to cut
taxes way below the level of spending (even if it has not worked in the
The best way to cut federal spending is to
have the states take over the programs (and raise taxes at the state level).
We can make the tax code â€œfairerâ€ by keeping
tax expenditures that grossly favor the wealthy in their present form
including: home ownership, charitable giving, health care, and savings (on
top of the new 20% reduction).
Leadership requires education.
Eugene Patrick Devany