Over the past few weeks, Willard Romney has given glimpses of his economic policy, mainly his tax plan. Yes, everyone learned that he’s given up on the mooching “47%,” you know the grandparents, the working single parent who attends class at night, the disabled veteran and the millionaire, those that make up 30% of the 47%.
When answering questions concerning some of his policies, Willard’s most common suspenseful response has been “Well we’re not sure yet, but we’ll know after the election.” That’s the type of detail less answer to keep the pundits squawking that he has no plan or his plan is just the right for the country.
Yet, he does have one plan out there and that’s his tax plan.
Back in August, Willard gave the pundits a nugget saying he wants a 20% tax cut for all economic levels, which has given many cause to do back flips of cheer down the yellow brick road.
But with this being known, he then gives a stump speech in Ohio on Sept 26 saying;
“Small businesses most typically pay taxes at the individual tax rate. And so our individual income taxes are the ones I want to reform. Make them simpler. I want to bring the rates down. By the way, don't be expecting a huge cut in taxes because I'm also going to lower deductions and exemptions. But by bringing rates down we will be able to let small businesses keep more of their money so they can hire more people”
I can understand wanting to help small business, from the decades old ma & pa stores to the newly opened to the independent truck driver, yes there should be some sort of reformed tax code for them. It’s the “Don’t be expecting a huge cut in taxes” part of the speech that is confusing.
One day Willard wants a 20% tax cut across the board and shortly later tells people he doesn’t want huge cuts and just wants to lower deductions & exemptions. It’s almost no wonder why Willard has a likeability issue, he can’t stay on course.
No wonder poor ol’ Seamus feared for his doggie life on the Family Truckster rooftop
I’m all for tax reform in one form or another, yet a 20% tax cut across the board and elimination of credit and exemptions for everyone sounds rather rash. Sure it will (I assume) close every loophole people love to sink their teeth into, but how can government programs survive with less than what they are getting now?
Willard stated the other week he believes education is a State issue but that Federal Government should do more to help monetarily wise. How when there will be 20% less going to the government bank account under his plan?
Willard wants to spend more on defense, which I still hold the belief that defense should control their own budget not some member of a Congressional committee, but once again, how do you spend more when taking in less?
At the current tax plan, with all the credits and deductions given by our government to corporations, they’re still hiring at an alarming pace of molasses in the middle of winter.
Absolutely, the idea of everyone, no matter their economic level, will be taxed 20% less is interesting, yet I don’t see it happening.
If the idea makes it way to Congress, Congress will have to answer to the many Special Interest groups that paddle them like Neidermayer on a Pledge’s naked rear end. (Yes, got in an Animal House reference)
Just imagine how corporations from all sectors would react to such a plan? I truly believe they would turn on Willard because they like their loopholes and shelters.
Nobody likes doing taxes, well except accountants, because it’s confusing and nauseating with all the different forms. Sure many will say "oh preparing my taxes is going to be much easier without keeping all those receipts and remembering to write off little Billy as a child credit.
Yet, there are many credits and deductions many people do enjoy.
We, as citizens, enjoy our tax loopholes. Around tax season, there are countless times I can recall listening to sales reps and higher management talking about how they need to find another deduction because they maxed out the amount of charitable (mainly Church) and work related deductions from mileage to travel to cell phone reimbursements.
No longer would the businessman/woman be able to deduct “lunches” as a business expense.
And think of all the whack-out creative loopholes people use on their tax forms that we hear about every year, all gone.
Oh I know out there is some very patriotic chest thumping flag waving individual agreeing to the idea of 20% tax cut across the board as fair, until the day comes and that 20% missing affects some government program they once enjoyed.
That's the problem, we're all talk and no action. Yes, we want government restraint on spending, we want them to limit what they spend, we want to cut duplication in government, we want reform, but once it comes down to it, we scream when the reform affects us.
For some reason, I enjoy the idea of ax wielding tyrannical tax midgets running around the Capital, knocking on the doors of our elected officials. Could you imagine how much the government could recoup by taxing Boehner on a tissue usage?!
Cheers!
