Posted on 01/18/2008 5:08:54 PM PST by Sub-Driver
Romney proposes $250 bln economic stimulus package Fri Jan 18, 2008 7:33pm EST
WASHINGTON (Reuters) - Weighing in on a debate about stimulating the slowing U.S. economy, Republican presidential contender Mitt Romney called on Friday for a package of tax breaks expected to cost $250 billion, according to a report by the CNBC business TV channel.
The former Massachusetts governor's package, CNBC said, centered on several permanent tax cuts, rather than temporary rebates and spending programs favored by others engaged in the stimulus discussion in Washington and on the campaign trail.
Romney plans to propose permanently reducing the rate for the lowest income tax bracket to 7.5 percent from 10 percent, retroactive to 2007, eliminating Social Security payroll taxes for workers over 65 and eliminating capital gains and dividend taxes on households earning under $200,000 a year, CNBC said on its Web site.
He would also permanently reduce the corporate tax rate to 20 percent from 35 percent over two years and allow businesses to depreciate the value of new equipment purchases faster.
CNBC said an aide to Romney pegged the total cost of his package at about $250 billion.
President George W. Bush earlier on Friday called on Congress to enact a package of temporary tax cuts and other measures estimated to cost up to $150 billion.
(Excerpt) Read more at reuters.com ...
There is no evidence that ending corporate taxes would produce more jobs here.
What do you consider “evidence” ? It has never been tried, so how of course there is no “evidence”. There are plenty of studies that show it.
There is also common sense. Remove the tax burden and the compliance costs that go with it, and business is much more likely to locate somewhere. It has also been proven on a state-to-state basis, and the difference in tax burden between states is much less than the difference between the US and other countries.
“Looks like Mitt took this from the FRed play book, as FRed has been saying this for months now.”
Actually, Romney was talking about reducing the corporate tax rate well before the grassroots began humming to get Thompson into the race. I remember him speaking about this back when I changed my support from Hunter to Romney.
Romney’s grasp of economic issues was a very strong draw for me then, and it remains so today.
I’m not talking down to Thompson at all. I like the guy. I’m just pointing out that this has been on Mitt’s horizon for some time—my guess is well before he even decided to run.
Romney vowed to put 20-billion dollars into research. None of it directly into the automobile industry. Our nation currently spends about 5-billion per year on research in this field.
Investing in our nation’s future....such a waste of money.
*rolls eyes*
Funny how our nation’s most successful industries all seem to benefit from federal research money.
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