stimulus plan, designed around pro-growth principles that will help
lower taxes for individuals and businesses and help guide the economy
through the current housing crisis.
Here's a link and the details of Governor Romney's plan:
http://www.mittromney.com/News/Press-Releases/Romney_Agenda_1.19
STRATEGY FOR A STRONGER AMERICA: THE ROMNEY ECONOMIC STIMULUS PLAN
Governor Romney's Economic Stimulus Plan – Washington Must Act Now:
Governor Romney's Economic Stimulus Plan Would Provide Much-Needed
Relief To Taxpayers, Businesses And Homeowners. Today, our economy is
facing unprecedented challenges both here at home and abroad. Our
economy needs pro-growth stimulus, but Governor Romney believes any
stimulus package should return money to American taxpayers, not
increase already out-of-control government spending. To promote
economic growth, Governor Romney is proposing an economic stimulus
plan that would lower taxes on individuals, reduce taxes for
businesses and help homeowners through the current housing crisis.
· Individuals: Governor Romney would permanently reduce the
lowest income tax bracket, permanently eliminate payroll taxes on
seniors and make middle-class savings tax free.
· Businesses: Governor Romney would institute immediate 100%
expensing of equipment for two years and permanently reduce the
corporate tax rate.
· Homeowners: Governor Romney would reform and expand Federal
Housing Administration (FHA) loan portfolio limits to allow larger
loans to homeowners.
Governor Romney Urges Our Leaders To Work Together And Immediately
Debate, Pass And Sign A Stimulus Package For The American People. If
our representatives in Washington can work together and demonstrate
the leadership that the American people deserve, Governor Romney is
optimistic that we can still turn this economy around. Washington
must get to work immediately and pass a bill no later than February
19, a month from today, in order to stimulate our economy.
INDIVIDUALS: Governor Romney's Economic Stimulus Plan – Pro-Growth
Tax Cuts For Individual Taxpayers:
Permanently Reduce The Lowest Income Tax Bracket to 7.5%. Permanently
cutting taxes for all taxpayers will put more money in workers'
pockets and stimulate consumer confidence and spending.
· Cutting The Lowest Tax Rate From 10% To 7.5% Will Provide Up
To A $400 Tax Cut To Each American Taxpayer.
· Governor Romney Proposes Providing An Immediate Retroactive
Tax Credit Reflecting The Lower 7.5% Tax Rate For 2007 Earnings To
Employees Who Earned Less Than $97,500 In 2007. This tax cut would
immediately stimulate the economy as taxpayers with the highest
propensity to consume receive their increased 2007 tax refunds.
· Permanently Reducing The Lowest Bracket Is A Pro-Growth Tax
Cut For The Tens Of Millions Of Americans In The Lowest Income Tax
Bracket.
Permanently Eliminate Payroll Taxes On Employees Over The Age Of 65.
It is not fair that seniors that have worked their whole life and
earned their full Social Security benefit continue to owe payroll
taxes to the federal government.
· In This Uncertain Economic Environment, More And More Seniors
Are Returning To The Workforce. Governor Romney's proposal will
provide an immediate tax cut to working seniors.
· Governor Romney Believes That Seniors Have Already Earned
Their Full Social Security Benefit And Should Not Owe Additional
Payroll Taxes For Income Earned After Age 65.
Make Middle-Class Savings Tax Free. Governor Romney's plan will allow
middle class Americans to save tax free by changing the tax rate on
interest, capital gains and dividends to absolutely 0%. By helping
more Americans save and invest, we can meet the challenges of an aging
population and ensure the financial security of America.
· Allow Over 95% Of American Families To Save And Invest Tax
Free: Any taxpayer with Adjusted Gross Income under $200,000 would
pay a tax rate of absolutely 0% on all of the income they earn from
their savings, capital gains and dividends.
· Expand The Investor Class: In recent years, over
half of adult Americans have participated in the stock market either
directly or through pension plans and mutual funds. Tax-free savings
will encourage more families to build wealth by saving, investing and
participating in the stock market, which will help grow the economy.
BUSINESSES: Governor Romney's Economic Stimulus Plan – Pro-Growth Tax
Cuts For Businesses:
Institute Immediate 100% Expensing Of New Equipment Purchased By A
Business For A Two-Year Period Retroactive To January 1, 2008. This
plan would allow both large and small businesses to immediately invest
in new equipment and capital improvements, which would immediately
stimulate the economy and create new jobs.
· Boost U.S. Manufacturers And Vendors: Accelerating and
increasing capital investment in equipment and other qualified assets
in the U.S. will immediately provide a boost to U.S. manufacturers and
vendors.
· Encourage Additional Business Investment: Entrepreneurs and
small businesses, such as S corps and LLCs, which often face cash flow
difficulties, will benefit greatly by the reduced cost of investment
in equipment under this plan. Additional investment and expansion by
these growing businesses will drive economic growth.
Reduce The Corporate Tax Rate To 20% Over Two Years. Governor Romney
believes we should immediately act to reduce the corporate rate to 25%
for 2008 and 20% in 2009. A permanent U.S. corporate tax rate of 20%
will attract capital, stimulate investment, and increase American
competitiveness with the rapidly growing economies of the world.
· A More Competitive Corporate Tax Rate: Governor Romney has
spoken throughout the campaign about the need to reduce our corporate
income tax rate in order to compete more effectively against other
countries with lower rates. The United States currently has the
second-highest corporate tax rate in the Organization for Economic
Co-operation and Development.
· Encourage New Capital Flows Into The United States: Cutting
the corporate tax rate will cause new capital to flow to the U.S. and
make our U.S. companies more competitive by providing additional funds
for research, development, innovation, and hiring of additional
employees.
HOMEOWNERS: Governor Romney's Economic Stimulus Plan – Helping Homeowners:
Reform And Expand Federal Housing Administration (FHA) Loan Portfolio Limits:
· Lower The Amount Of Upfront Down Payment A
Borrower Must Make, Allowing FHA To Help Nonprime Borrowers Who May
Not Be Able To Meet The Current Requirement.
· Raise The Maximum Loan Amount Eligible For FHA
Insurance, Allowing FHA To Serve More Borrowers In Higher-Priced
Areas.
· Expand NeighborWorks America's Foreclosure Avoidance
Initiative: Governor Romney proposes expanding NeighborWorks
America's Foreclosure Avoidance Initiative to help American homeowners
stay in their homes. NeighborWorks America assists homeowners by
offering foreclosure counseling and identifying refinancing
opportunities for U.S. homeowners.
Governor Romney's Pro-Growth Tax Agenda:
Governor Romney's Economic Stimulus Plan Is In Addition To His Tax
Proposals Which Will Provide A Sound Economic Framework For Long-Term
Growth:
· Make The Bush Tax Cuts Permanent: Making the Bush Tax Cuts
permanent is the first step to ensuring that Americans are able to
keep more of their hard-earned money.
· Roll Back Tax Rates For All Americans: As President,
Governor Romney will cut marginal tax rates across the board, allowing
all Americans to save more money.
· Kill The Death Tax: It is unfair to tax Americans three
times: first when they earn their money; second when they invest it
and receive income from those investments; and third when they die.
· Make The Research And Development Tax Credit Permanent To
Encourage Capital Investment And Innovation: Governor Romney believes
that we must encourage companies to invest more in research and
development to produce the innovations our companies need to win in
the global economic competition.
· Oppose Any Increase In Social Security Taxes: We can
strengthen Social Security without resorting to higher Social Security
taxes that will impact all Americans. Governor Romney will oppose any
proposed increase in Social Security taxes.
· Prevent The Alternative Minimum Tax (AMT) From Hurting More
American Families: At the very least, Congress must pass a patch to
the AMT that will prevent this tax from affecting more and more
families in America.
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