Statement by Governor Mitt Romney on The House Democrat Tax Increase Plan
FOR IMMEDIATE RELEASE
CONTACT: Kevin Madden (857) 288 - 6390
Boston, MA – Today, Governor Mitt Romney issued the following statement on the House Democrat plan to dramatically increase taxes on the American people:
"House Democrats have shown once again why they cannot be trusted with stewardship of our economy. Their tax plan is nothing more than a recipe for higher taxes and slower economic growth. Instead of raising taxes on hard-working Americans and giving more money to the government, we need to lower taxes. Pro-growth economic policies do not begin with government taking more money out of taxpayers' pockets."
The Democrats' Plan To Increase Taxes:
The House Democrat Alternative Minimum Tax (AMT) Plan Will Force A $650 Billion Tax Increase. "Mr. [Charlie] Rangel and other key Democrats on Ways and Means have come up with their plan to protect the middle class from the growing reach of the Alternative Minimum Tax (AMT). ... But the Democrats' dilemma is to figure out how to come up with the $650 billion of revenue this stealth tax would have raised over the next 10 years. The dilemma is self imposed because House Democrats adopted a 'pay as you go' budget rule a few months ago, promising that any tax cut be offset with an equally large tax increase." (Stephen Moore, Op-Ed, "$650 Billion Tax Hike," The Wall Street Journal, 4/30/07)
- Democrats Will Increase Income Taxes. "The changes in the AMT rate, and the treatment of dividends and capital gains, still leaves Mr. Rangel at least $600 billion short of paying for the AMT fix. House Democrats have acknowledged that to close this final gap, they will have to look to personal income taxes." (Stephen Moore, Op-Ed, "$650 Billion Tax Hike," The Wall Street Journal, 4/30/07)
- Democrats Will Increase The Top AMT Tax Rate. "What is surprising is how high rates must be raised to make their plan's numbers add up. The top AMT rate would increase to 31.5% from 28%." (Stephen Moore, Op-Ed, "$650 Billion Tax Hike," The Wall Street Journal, 4/30/07)
- Democrats Will Raise The Capital Gains And Dividends Tax Rate. "Democratic tax experts also recommend eliminating the lower rate for capital gains and dividends for those subject to the AMT. This would raise the capital gains tax rate to about 31% from its present 15% rate." (Stephen Moore, Op-Ed, "$650 Billion Tax Hike," The Wall Street Journal, 4/30/07)
Governor Romney's Plan To Cut Taxes:
To Ensure America's Continued Economic Growth, Governor Romney Will Fight To Cut Taxes For All Americans. Lower taxes are a key to ensuring continued economic growth and job creation.
- Governor Romney Was The First 2008 Presidential Candidate To Sign The "Taxpayer Protection Pledge" Promising To Oppose Any Effort To Increase Taxes.
- Governor Romney Will Make The Bush Tax Cuts Permanent. Governor Romney believes making the Bush Tax Cuts permanent is the first step to ensuring that Americans are able to keep more of their hard-earned money.
- Governor Romney Proposes Lower Tax Rates For All Americans. This approach is fair, simple and extends the pro-growth benefits of tax rate cuts to all Americans.
- Governor Romney Will Fight To Abolish The Death Tax. It is unfair to tax the American people three times: once when they earn it; second when they invest and receive income from those investments; and third when they die.
- Governor Romney Proposes A Savings Incentive Plan. Middle-class Americans will be able to save and earn interest, dividends and capital gains tax free. We need to end tax penalties on savings and investments for middle class families.
- Governor Romney Believes Our Corporate Tax Rate Must Be Competitive With The Rest Of The World. The United States has one of the highest corporate tax rates in the world. We simply cannot afford for future economic growth to have a tax rate that is out of alignment with the other major economies of the world.
Mitt Romney, Statement by Governor Mitt Romney on The House Democrat Tax Increase Plan Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/296529