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Press Release - Governor Mitt Romney Outlines Pro-Growth Economic Policies in South Carolina

August 16, 2007

FOR IMMEDIATE RELEASE

CONTACT:
Romney Press Shop (857) 288-6390

Greer, SC - Today, Governor Mitt Romney addressed the Greer Chamber of Commerce on the pro-growth policies necessary to ensure that our economy remains the leader in the world. Important to the future economic security of South Carolina and our nation, Governor Romney outlined his proposals to cut taxes for all Americans and implement nationwide reform of our tort laws.

Promoting Strength, Innovation And Diversity In The Economy:

As President, Governor Mitt Romney Will Pursue A Conservative, Pro-Growth Economic Agenda. Governor Romney's number one economic priority will be to grow the economy - helping to create good jobs, raise incomes and preserve American strength. Governor Romney believes government should not be an economic burden but instead promote economic strength, innovation and diversity. South Carolina has been a leader in attracting investment and improving its business climate. Industry-financed research and development at South Carolina colleges and universities has risen 102% over the past five years, the third highest growth rate in the country.

- Greer's BMW Factory Highlights The Results Of Pro-Growth Economic Policies. Since breaking ground in 1992, over $5 billion has been invested in the 2.5 million square foot BMW factory that employs 4,500 people. Fifty-one BMW suppliers are now located in the state, creating an additional 10,000 jobs. In deciding to locate in South Carolina, BMW cited, among many factors, the state's workforce, schools, transportation infrastructure and pro-business climate. A study found the total annual economic impact on the region from the factory to be $4.1 billion.

Tax-Free Savings For Middle-Class South Carolinians:

Governor Romney Will Make Middle-Class Savings Tax-Free. Governor Romney has proposed making income from interest, dividends and capital gains tax-free for middle-class families in South Carolina. South Carolinians should not have to pay tax penalties as they save for the future.

- Governor Romney's Middle-Class Tax Relief On Capital Gains Alone Will Lead To Savings For People In South Carolina. In 2004, the median family income for a four-person family in South Carolina fell within the $50,000 to $75,000 tax bracket. That year, this income group paid over $796 million in taxes on capital gains. Under Governor Romney's plan, taxes paid by this income group would have been zero – a $577 average savings for taxpayers.

Letting South Carolinians Keep More Of Their Hard-Earned Money:

Governor Romney Has Proposed A Strong Tax Relief Agenda To Strengthen South Carolina Families. Governor Romney will make the Bush tax relief permanent, cut tax rates for all South Carolinians, abolish the death tax and make the corporate tax rate more competitive with the rest of the world.

By Making The Bush Tax Relief Permanent, Governor Romney Will Protect Tax Relief For Hundreds Of Thousands Of South Carolinians:

- 1,496,000 Total South Carolina Taxpayers Benefited From The Tax Relief In 2006.

- 1,310,000 South Carolinians In The Lowest Tax Bracket Saw Their Tax Rate Reduced In 2006.

- 447,000 South Carolina Couples Saw A Reduction In The Marriage Penalty In 2006.

- 427,000 South Carolina Taxpayers Benefited From The Increased Child Credit In 2006.

Enacting National Tort Reform To Help Protect South Carolina Businesses:

Governor Romney Believes We Must Enact Common Sense Tort Reform At The Federal Level To Make The System Fairer And More Predictable For Both Companies And The General Public. These reforms will allow our companies to grow, while at the same time protecting those who deserve compensation for legitimate losses.

- Tort Costs Are Too High. According to a recent report, U.S. tort costs reached $260.8 billion in 2005, which translates to $880 per person. This is an amount greater than the Gross Domestic Product of all but 35 countries in the world. Frivolous lawsuits and outrageous damages awards create a "liability tax" or "tort tax," which are passed along to every consumer in the country.

- Governor Romney Believes We Should Limit Non-Economic Damages And Prevent Excessive Punitive Damages Award. Non-Economic damages are inherently speculative, and a reasonable statutory cap makes sense. Governor Romney also believes we need a statutory prohibition on outrageous punitive damage awards.

- Governor Romney Believes We Should Require More Disclosure In Contingency Fee Arrangements. More disclosure will help clients make informed decisions, and it will help end abusive lawsuits and extortionate settlement demands by plaintiffs' lawyers.

- South Carolina Has Been A Leader In Reforming The Tort System. Despite passing numerous tort reforms, South Carolina still bears the burden of frivolous lawsuits and excessive damages because costs are passed across industries and states.

Mitt Romney, Press Release - Governor Mitt Romney Outlines Pro-Growth Economic Policies in South Carolina Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/296733

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