What is news is that neither the draconian cuts proposed in the Romney/Ryan’s budget nor the huge tax cuts to the wealthy are getting the technical coverage it should get to allow citizens to make the right choice. What is important to note is neither the policies Romney/Ryan wants instituted or the policies President Obama is vying for is new.
Both of these games have been played before and we actually have results. Unfortunately tax policy and humane entitlement reforms have been stymied from a dysfunctional congress that has as its mission to destroy a presidency as opposed to the well-being of the citizenry. As such we have wasted three and a half years without any substantive tax and entitlement policies (sans Obamacare) because of this stalemate.
This election will have three outcomes and only one is good for the middle class.
The Republicans may get a mandate. Their template, the Ryan Budget is out there for all to see though most have failed to read it and the media have failed to interpret it to show its detriment to the middle class. Its draconian cuts and continued wealth transfer modal will further the decimation of the middle class. It will look like the voodoo economics of Reagan and Bush where wealth and income continued its movement to the top.
We could get a stalemate as we have now, no one party controls anything. In that scenario we get continued gridlock and the economy stays in a suspended state of animation, a new normal with 8 to 10% unemployment the norm.
We could get a Democratic mandate. A Democratic mandate will look pretty much like a path to the surpluses and economic success of the Clinton era. Middle class America will have the option to dictate the real direction of the country based on arithmetic facts and not disproved ideology. This will occur slowly because what we have now is an unbalanced mess.
The ball is in your hands. We get the government we deserve.
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Mitt Romney Tax Plan Helps The Rich The Most: Analysis
Reuters | Posted: 08/01/2012 9:00 am
* Romney tax plan cuts 20 percent for all income groups
* Those making over $1 million benefit most under plan
* Romney hasn’t spelled out how to fund tax cutsBy Kim Dixon
WASHINGTON, Aug 1 (Reuters) – Republican U.S. presidential challenger Mitt Romney’s proposal to slash individual income taxes by 20 percent across-the-board would primarily boost the income of the wealthiest taxpayers, according to a nonpartisan analysis released on Wednesday.
The report by the centrist Tax Policy Center found that Romney’s tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000.
Tax policy and how to tame the U.S. government’s budget deficit, topping $1 trillion in recent years, is a major point of contrast in the presidential race, in which Romney will face President Barack Obama on Nov. 6.Romney, a multi-millionaire who made his fortune at private equity firm Bain Capital, has not spelled out how he would lower marginal tax rates. But he has said broadly he would cut some tax benefits for the wealthy.
Because the value of the 20 percent tax cut for richer Americans would exceed the gains they get from popular tax breaks that Romney would chop, they would see the greatest income gain from Romney’s possible changes, the study said.
"We add up how much people get from the tax cuts and then add up how much can be potentially be raised," from ending tax breaks, said Adam Looney, an economist and one of the study’s authors.
About two-thirds of the $1.1 trillion in revenues that the government foregoes annually because of tax breaks would have to be curbed to fund Romney’s tax cut, the analysts said.
These tax breaks include popular ones such as the mortgage interest deduction, the break for employer-provided health insurance, and credits for low- and middle-income families.
