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Press Release - We Believe In America: A Plan For a Stronger Middle Class

August 30, 2012

"Mitt Romney has offered a bold plan to rebuild America and create a stronger middle class. By cutting taxes across the board and removing burdensome regulations, the Romney plan will jumpstart our economy and help create 12 million new jobs and higher take-home pay for American workers. After nearly four years of disappointment and decline, middle-class families simply can't afford another four years under President Obama." – Andrea Saul, Romney Campaign Spokesperson

Mitt Romney Has A Plan For A Stronger Middle Class That Will Create 12 Million New Jobs And Higher Take-Home Pay:

Mitt Romney Will Pursue Fundamental Tax Reform That Reduces Individual Income Tax Rates By 20% And Cuts The Corporate Tax Rate To 25%. "I will lower taxes to lighten the burden on middle-income Americans and to reignite the economy. A key measure will be an across-the-board, 20% reduction in marginal individual income tax rates. By reducing the tax on the next dollar of income earned by all taxpayers, we will encourage hard work and productivity by allowing Americans to keep more of what they earn. ... I will reduce the corporate tax rate to 25%. Currently, it's among the highest in the developed world; I will bring it in line with other nations, making America a place where investment capital flows." (Mitt Romney, Op-Ed, "Restoring The American Promise," CNBC, 3/5/12)

  • The Romney Plan Will Promote Savings And Investment By Eliminating Taxes On Capital Gains And Dividends For Middle-Class Families. "I will promote savings and investment by maintaining the 15% rate on capital gains and dividends. I will eliminate the tax entirely for those with annual income below $200,000. These low tax rates will encourage Americans to save and invest – and they will encourage business investment and economic growth. I will repeal the Alternative Minimum Tax, and I will abolish the death tax." (Mitt Romney, Op-Ed, "Restoring The American Promise," CNBC, 3/5/12)

Mitt Romney Will Support A "Regulatory Cap" On Federal Agencies That "Requires Them To Calculate The Cost Of New Rules And Offset That Cost With Reductions To Existing Rules." "Mitt Romney, the former Massachusetts governor, has proposed a 'regulatory cap' on federal agencies that requires them to calculate the cost of new rules and offset that cost with reductions to existing rules." (Jason Noble, "Candidates Emphasize Cutting Taxes, Rules," Des Moines Register, 11/19/11)

Mitt Romney Will Approve The Keystone XL Pipeline On Day One Of His Presidency – Creating Thousands Of Good-Paying Jobs. "I also will partner closely with our neighbors. Canada and Mexico have extraordinary resources of their own that can provide secure, reliable supplies for our economy. This starts with my approval of the Keystone XL pipeline on Day One."  (Mitt Romney, "U.S. Can Be Energy Superpower," The Columbus Dispatch, 3/5/12)

Columbia University's Glenn Hubbard, On Mitt Romney's Economic Plan: "12 Million New Jobs In A Romney First Term, And Millions More After That Due To The Plan's Long-Run Growth Effects." "When bolstered by sound trade, education, energy and monetary policy, the Romney reform program is expected by the governor's economic advisers to increase GDP growth by between 0.5% and 1% per year over the next decade. It should also speed up the current recovery, enabling the private sector to create 200,000 to 300,000 jobs per month, or about 12 million new jobs in a Romney first term, and millions more after that due to the plan's long-run growth effects." (Glenn Hubbard, Op-Ed, "The Romney Plan For Economic Recovery," The Wall Street Journal, 8/1/12)

  • Hubbard: "The Romney Plan Offers An Economic U-Turn In Ideas And Choices." "In contrast to the sclerosis and joblessness of the past three years, the Romney plan offers an economic U-turn in ideas and choices."(Glenn Hubbard, Op-Ed, "The Romney Plan For Economic Recovery," The Wall Street Journal, 8/1/12)

Instead Of Creating Millions Of New Jobs, The Obama Economy Has Left 23 Million Americans Struggling For Work And The Middle Class In Decline:

More Than Twenty-Three Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau Of Labor Statistics, www.bls.gov, 8/26/12)

  • Since President Obama Took Office, The Nation Has Lost 316,000 Jobs And The Unemployment Rate Has Remained Above 8% For 42 Straight Months. (Bureau Of Labor Statistics, www.bls.gov, 8/26/12)

Pew Research: "The Middle Class Has Shrunk In Size, Fallen Backward In Income And Wealth..." "Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future." ("The Lost Decade Of The Middle Class," Pew Research, 8/22/12)

Sentier Research: "Almost Every Group Is Worse Off Than It Was Three Years Ago, And Some Groups Had Very Large Declines In Income." "'Almost every group is worse off than it was three years ago, and some groups had very large declines in income,' Green, who previously directed work on the Census Bureau's income and poverty statistics program, said in a phone interview today. 'We're in an unprecedented period of economic stagnation.'" (Jeff Kearn, "U.S. Incomes Fell More In Recovery, Sentier Says," Bloomberg, 8/23/12)

"The Ranks Of America's Poor Are On Track To Climb To Levels Unseen In Nearly Half A Century..." "The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net." (Hope Yen, "US Poverty On Track To Rise To Highest Since 1960s," The Associated Press, 7/22/12)

Mitt Romney, Press Release - We Believe In America: A Plan For a Stronger Middle Class Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302496

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