Mitt’s Taxpolicy:
http://www.mittromney.com/sites/default/files/shared/TaxPolicy.pdf
INDIVIDUAL TAXES
• Maintain marginal rates at current levels
• Further reduce taxes on savings and investment
• Eliminate the death tax
• Long-term goal: pursue a flatter, fairer, simpler structure
CORPORATE TAXES
• Lower the corporate income tax rate to 25 percent
• Transition to a “territorial” tax system
“The best course in the near term is to overhaul and to dramatically simplify the current tax code, eliminate taxes on savings for the middle class, and recognize that because we tax investment at both the corporate and individual level, we should align our combined rates with those of competing nations. Lower taxes and a simpler tax code will help families and create jobs.”
(Mitt Romney, No Apology)
Obama’s Tax plan:
http://www.barackobama.com/taxes
- Asking millionaires to pay their fair share
forward
No household making more than $1 million each year should pay a smaller share of their income in taxes than a middle-class family pays.
Taxes are part of production costs.
Production costs have to directly cover Income taxes. corporate taxes, health Insurance, Social Security, unemployment, and long term disability.
Because these are the deductions made by government. US manufacturing has to pay a blood thirsty (money grubbing) government in order to use the American worker. Other governments do not have to pay the American government for access to the most important thing: the American Market place.
Production costs have to indirectly cover housing, property taxes, food, clothing and transportation.
Because people can’t live without these things and if they can’t live, they can’t produce.
It’s pretty obvious that the more the direct production costs are reduced, the more competitive the American workforce becomes. Changing the tax plan to reduce the cost of production while taxing the right to access and sell to Americans makes American products cheaper, raises taxes and makes foreign products more expensive.
Solution:
The only income taxes should be paid by the top 20 percent. These taxes should be sufficiently high to keep billionaires from getting richer. You don’t have to be a billionaire to own stock, so the argument that the stock market wouldn’t do as well is foolish.
There should be no cut off for social security. The top 20 percent should pay social security taxes at the same rate as the bottom 80 percent. Heck, it all goes into the same revenue pool eventually anyway.
The rest of us should only pay only a federal sales tax of ten percent on all products foreign and domestic. The lower 80 percent should not pay an income tax.