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 ...
What are you talking about?? This is letting people keep their money and we should all be for that.
Thought it was an attack of the DUers...
See, khnyny. Here's one.
Given the record of most politicians, including Romney, that trend is likely to continue.
And it will only get worse once Thompson drops out.
From the article:
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.This will translate into savings for everyone across the board.
It is laughable and rather sad. Here’s what Romney proposes:
—To permanently cut in the lowest income tax bracket to 7.5 percent from 10 percent.
—To make that cut immediately retroactive to 2007 tax liabilities.
—To permanently eliminate Social Security payroll taxes for workers over 65.
—To provide 100 percent expensing of new equipment purchased by businesses over two years retroactive to Jan 1 2008.
—To permanently reduce the corporate tax rate to 20 percent from 35 percent over two years.
—To permanently eliminate capital gains and dividends taxes on households earning under $200,000 a year, an idea he has previously proposed.
When he cuts my rate to 7.5%, then we’ll talk.
It was an aide to Romeny who said it was going to "cost" $250 Billion. He insinuated that it was going to be a net loss in revenue to the government. It wasn't the MSM that made that claim, it was Romney's guy.
Careful, khnyny. You’re going to attract the attention of the AntiMitts.
Who are you supporting in the primary, and has he offered a plan better than this?
I think is very well done by Governor Romney. That appears to me to be a well thought-out mix of tax cuts, and I think that indeed it would have a positive economic effect. For what it is worth, I think it would have enough positive effect on the economy to more than pay for itself.
Of course, some spending cuts would also be a good idea; for instance, eliminating the federal Department of Education would make a nice complement to the tax cuts.
Yes, but not as much at some's hatred for Romney.
Try this plan for one: http://www.fred08.com/virtual/taxrelief.aspx
Republican presidential contender Mitt Romney is calling for a package of tax breaks expected to cost $250 billion, an aide said on Friday.The aide is not directly quoted, as in, Republican presidential contender Mitt Romney is calling for a package of tax breaks "expected to cost $250 billion," an aide said on Friday.
It's an old reporter's trick to put words in someone's mouth.
You can be sure that if it had been Fred proposing these tax cuts, these same detractors would be falling all over themselves to gush about it.
Reduced individual income tax rates, saving every tax-paying family a minimum of $600.Much of this is already in place. The Thompson plan doesn't specify how he intends to impliment Reduced individual income tax rates, saving every tax-paying family a minimum of $600.
Preserving the $1000 child tax credit, which was doubled from $500 per child.
Protecting Marriage penalty relief.
Retaining Education tax incentives, including Coverdell Education Savings Accounts, 529 college savingsplans, and deductions for higher education expenses.
Reduced tax rates on capital gains and qualified dividends.
Increased expensing of investment for small businesses.
Romney's plan also allows for Increased expensing of investment for small businesses by reducing the corporate tax rate.
Overall, it looks as though Thompson's plan is very similar to Romney's, but Romney's plan is more detailed.
I swear I dream about this at night.
It must be an election year . . .
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