Romney Campaign Press Release - In Case You Missed It: "Tax Cuts On Investments Will Help Middle Class Save"

By Governor Mitt Romney

Greenville News

September 16, 2007

"The unifying principle of the Republican Party is that we should tax our citizens less, and as a result have a smaller government. I embrace that principle and have made tax relief one of the cornerstones of my presidential campaign.

"Central to my pro-growth economic agenda is a belief that middle-class Americans should not be taxed as they save and invest for the future. We need a middle-class savings plan to provide critical tax relief to American families. We must cut taxes and make more Americans part of the investor class. I have proposed changing the rate of taxation on capital gains, dividends and interest to 0 percent for middle-class Americans."

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"I have been talking about my plan to eliminate taxes on dividends, capital gains and interest on middle-class families since the beginning of my campaign. Recently, I announced the specific details of my plan.

"Under my plan, any taxpayer with an adjusted gross income of under $200,000 would pay a tax rate of absolutely 0 percent on all of the income they earn from their savings. This will allow over 95 percent of American families to save and invest tax-free without worrying about the federal government reaching into their pockets and snatching a share of their savings income.

"Hundreds of thousands of South Carolina taxpayers will benefit from this plan. For example, if this plan had been in place in 2005, it could have benefited more than 600,000 South Carolina taxpayers who earned interest, more than 300,000 South Carolina taxpayers who earned dividends and more than 250,000 South Carolina taxpayers who earned capital gains.

"Whether a young couple saves their money in a bank account for a down payment on a new home, or a family invests in mutual funds for their daughter's college fund, these taxpayers will be able to benefit from the tax-free appreciation of their savings, which will greatly increase their ability to build wealth and achieve the American dream."

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"I believe Americans are taxed too much. By making savings for middle-class Americans tax-free, we can help alleviate financial pressure and allow them to keep more of their own money. When citizens keep more of their money and make their own decisions on how to invest, economic growth increases, the economy becomes more efficient, more jobs are created, and prosperity's reach expands. If elected president, I will fight for lower taxes for all Americans."

To read Governor Romney's op-ed, please see: http://greenvilleonline.com/apps/pbcs.dll/article?AID=/20070916/OPINION/709160317/1016