Posted on 09/08/2007 11:14:44 AM PDT by CheyennePress
Mitt Romney rolled out one of the most detailed tax cut plans yet among the major presidential candidates yesterday, proposing to eliminate taxes on income from interest, dividends, and capital gains for the vast majority of Americans.
In several appearances in New Hampshire, Romney said his proposal, which would give the tax break to those earning less than $200,000 a year, would be a boon to the middle class.
"You can save your money for a down payment on a house, for a car, for a boat, for college for your kids, whatever the heck you want," he told about 75 people gathered at a coffee shop yesterday morning. "Government shouldn't be telling you they're going to tax you on your savings." ... The $200,000 limit applies to adjusted gross income, which includes salaries and investment income. So many wealthy people like Romney, a multimillionaire, whose investment income would take them over the limit, would not qualify for the benefit.
Eric Fehrnstrom, a spokesman for Romney, said the plan would not benefit the wealthiest Americans and pointed out that 95 percent of American households earn less than $200,000.
The campaign did not provide an average savings under the plan, but said that based on 2005 tax returns, more than 56 million taxpayers would benefit from eliminating the tax on interest, 28 million from ending the tax on dividends, and 23 million from killing the tax on capital gains. About 134 million individual returns were filed that year.
"It is a powerful incentive to save, and it's a generous benefit aimed at the middle class," he said.
Richard Holmes, 59, of Lebanon, N.H., a semiretired contract coordinator for a utility company, said the plan could help him when he retires and relies on his savings, as well as Social Security. But_he_said_he_also_liked_the_principle_of_the_idea.
(Excerpt) Read more at boston.com ...
Well, the government does collect $100,000. Once.
Only if the tax rate is retroactive. But, yeah - :-)
Mitt bump!
"I am the Ranking Republican on the Ways and Means Committee of the U.S. House of Representatives. It is the Committee with jurisdiction over America's tax policy. So, I have given the topic of tax reform and creating the best tax policy for our country a great deal of thought. It's one of the important reasons I have chosen to endorse Mitt Romney." ...
"Governor Romney understands that the problem isn't that the American people don't pay enough taxes - the problem is that the federal government spends too much money. So he has put forth an aggressive agenda of tax relief - for individuals and corporations - and fiscal discipline that will ensure that our economy continues to grow.
"He believes we must do as John F. Kennedy did in the 1960s, Ronald Reagan did in the 1980s and George W. Bush did in the 2000s: we must cut income tax rates across the board. This approach is fair, simple and extends the pro-growth benefits of tax rate cuts to all Americans who pay taxes."
Louisianna's Jim McCrery (R-LA) Endorses Romney
Except for the massive tax it will levy on all savings that people have amassed to date....
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