Smart. Sharp. Funny. Fearless.
Friday, October 21, 2016

Together Mitt Romney and Paul Ryan have put human faces on how the super-rich game the tax system to pay less, pay later and sometimes not pay at all. Both want to expand tax favors for the already rich, like themselves.

Their approach favors dynastic wealth with largely tax-free (Romney) or completely tax-free (Ryan) lifestyles, encouraging future generations of shiftless inheritors. What we need instead is a tax system that encourages strivers in competitive markets, not a perpetual oligarchy.

Romney and Ryan say that lowering tax rates and reducing or eliminating taxes on capital gains and dividends, while letting huge fortunes pass untaxed to heirs, will boost economic growth and mean prosperity for all.

We already tried parts of that, starting with Ronald Reagan in 1981 and doubling down with George W. Bush in 2001. Empirical result: Flat to falling incomes for the vast majority, weak job growth, but skyrocketing incomes for the top one percent of the top one percent, including Romney.

Romney, shifting the Republican focus away from red ink budgets, wants to slash income tax rates by 20 percent. Ryan has called for a 10 percent rate for married couples on the first $100,000, 25 percent above that. The details of both plans show they primarily benefit the highest paid and already rich, as multiple independent examinations have documented.

Romney also wants to greatly increase dynastic wealth by eliminating the estate tax, which I believe would have a devastating effect on future economic growth, entrepreneurship and social stability.

His plan would retain the gift tax, but it is already so porous that, as Reuters reported in January, the five Romney sons enjoy tax-free income from a $100 million trust fund on which no gift taxes were paid. Only about $2 million could have originally gone into the trust without triggering gift taxes.

Under Romney’s plan your economic future would be determined the same way it was in 18th Century France – primarily by who you picked as your parents, not by hard work, perseverance and that illusive element of luck.

Romney also wants to slash middle class spending programs, but despite issuing a 160-page plan he has not said just what he wants to cut or eliminate, asking voters to buy a pig in a poke.

Slashing tax rates, keeping the share of income taxes paid by the top unchanged and increasing military spending without any additional red ink may win votes from innumerates, but it is a mathematical impossibility. What is a mathematical certainty is that Romney would cut taxes on the rich and that everyone below the top would get a lot less back in services from the government.

Click here for reuse options!
Copyright 2012 The National Memo
  • ryueire

    That’s why Romney considers Russia the geo-political foe. It’s jealousy, the Russians under Putin and his cronies effectively have an oligarchy, and Putin rules it, while giving up titles to be president, or premier or some other office, but always running the show. You don’t think the Kochs and Rove and Romney/Ryan see that as their utopian ideal?
    Short-sighted, greedy, egotistical and dangerous for not only America, but the world.
    GOP platform: cut taxes for the rich, invade another country to replenish American coffers by stealing that country’s resources, ban abortion so you have plenty of population to draft in for wars(although heaven forbid if any of these guys be accused of draft dodging)! Buy the media /tv airtime to brainwash the population, lie and keep lying until stupid, naive, brain dead buy it as the “truth”.
    The American Dream….NOT
    The Ultimate Nightmare.

    • vkman

      It never surprises me of the ignorance of some uninformed Americans.

    • Landsende

      They don’t have to buy airtime to brainwash the stupid, naive, brain dead and gullible. Those are the ones that listen to Faux News, Limbag, Palin, Beck and Coulter and believe everything they say even though Faux News admitted on air they lie.

    • Nancy Ako

      I hear a lot of hate-slushing going on, but does anyone really research the facts before running off at the mouth whole-hog and parroting what’s been said over and over? If anyone has an original thought about politics, I’d like to hear it because otherwise what comes out of voters’ mouths these days is the product of brainwashing, German style, 1932-’45, and Soviet style (which is again growing back in its full horrific grandeur under Putin). Try checking the facts by checking up on George Soros to see what he’s been up to and what organizations he’s been involved in and pushed to preeminence over the years. Which party does he support and push through media mouthpieces? Where does he get his money and where does he keep it? It’s our duty as American voters to check both sides of the political fence before jumping over it into the loudest sea of yea-saying emotional rioters. Or should I say check for hysterical whirlpools before being blindly sucked in by the Great Media Parrot?

      • Gammaanya

        Why do you bring up Soros??/ At least he made his money the old way – check it out. How about Koch Bros?? Adelson, ROve – where their monery come from. I did not hear or see that Soros even donated money. I DON’T to nobody because I don’t feel that money should decide elections – I vote on merits not the party. Party comes and goes. You shouls do some more due diligence – RESEARCH yourself. You KNOW NOTHING about Russia or Germany especially in the HItler era. My family lived it. I know. What you support is almost what Hitler did.
        If you tell a lie big enough and keep repeating, eventually they will come tobelieve it.”J. Goebbels – Nazi Propaganda Minister he also said
        “Control the media, Control the message, Control the masses” That’s what R/R, Faux, Limbaucher, Hannity. Obviously you already fell for it.
        Use your common sense. “Be the change you want to see” Gandhi

      • goup2

        You brought it up, why don’t you check the facts on George Soros? You haven’t said anything of any substance so far.

  • The Romney-Ryan plans, if implemented, will change America forever. Millions of Americans who benefit from the mortgage deduction will suffer, millions of students that depend on Pell grants to pursue their dreams will suffer, millions of citizens who depend on Social Security and MEDICARE to subsist and live with a modicum of dignity will suffer, seniors near their end of life will be deprived of the care they receive in nursing homes, our infrastructure will eventually collapse due to lack of funds, our military will suffer due to lack of funds, and our entire nation will suffer as a result of an ideology who venerates the wealthy and despises the middle class, the poor, and the values and institutions that have made us the greatest country in the world.
    The only segment of our population that will benefit from the Romney-Ryan plans are the top 1% and, to their credit, many of them are embarrassed by what happened in recent years and what is being proposed by a pair of ideologues hat put personal ambitions ahead of country.

  • bcarreiro

    Romney/Ryan will only drive this economy into a DEPRESSION ……his overall tactics are for more prominent people to work less for what they have, as the middleclass will have to work their fingers to the bone for them. Then when there is no more driving force then finally they will see what it is to be a just an average joe. He will watch this world divide with more crime and violence and the only outcome will be a downright civil war. Theres nothing civil about war there is nothing civil about him.

    • bearrerio stupid fool obama brown noser when your sorry a.s,s is on food stamps write us fool

      • This is a typical remark from the wacko right. These idiots are more concerned with racist demagoguery than reality. It never fails to amaze me how many people buy into the wacko right bullshit.

      • NamVet_Ron

        @Ken Hate to tell you fool…More people are on food stamps in the Red Republican controlled States then the Blue…More people are uneducated in the Red Republican controlled States…The Wages are lower in the Red Republican controlled States, and The Red controlled States draw more federal welfare then Blue Democratic controlled States….More people were on food stamps and welfare under both Bush then there are under this president….as with all Republican backers you do not reserch anything, fact check anything, and try to belittle people because they are not stupid like you to blindly follow a party which does not give a rats ass about you!

      • bcarreiro

        i think your wife calls u smallwood 2. lol

      • daniel bostdorf

        If Romney is elected….this country is heading for civil war.

        One year ago today—President Barack Obama, speaking in Richmond, Va., urged Americans to pressure their lawmakers to pass his $447 billion jobs plan.

        The “do nothing” and “do everything to defeat Obam” Republican controlled Hosuea is the REAL REASON jobs are not being created.

        It is NOT Obama’s fault!

        If Republicans get the House and White House, game is over for the poor and middle class.

      • CountyGirlME

        Food stamp!?!?! The today’s party Republicans will remove that safety net. The poor people who will be working (Yes, most people on Food Stamps are either working poor, or people who are receiving Social Security for disabilities and retirements, but mostly retired) the minimum wage (or less if they succeed in having enough in Congress to eliminate the wage law like they want) will have no aid to help them pay for food for their families. The 30’s Depression will look like luxury compared to what will happen if the Republicans get control of the country with their new mindset of power to the rich and influential and only to them.

        The people will not calmly go to the poor farm this time. There will be riots that the police will not be able to stop because the Federal money that States use to help keep them paid will be gone. The National Guard will not be able to help because they are all suffering from PTSD and burnt out due to overly long stays in IRAQ. The Nations Army will be in Syria, Iraq, Iran and Afghanistan as well as anywhere else where else that Romney/Ryan decide they want to change their policies for their rich friends pocketbooks.

      • Marc Dalton

        suck ballz

    • You are right, especially if Romney’s tax plan becomes law. The last thing we need is more tax breaks for the wealthy, and definitely not at the expense of eliminating tax deductions that benefit the middle class. Romney’s plan stipulates that the tax break must be revenue neutral and proposes the elimination of deductions to offset the revenue losses. What he and his ilk either don’t understand or ignore is that the ones that spend and stimulate the economy when they get a tax break is the middle class. Instead of stimulating the economy he will remove tools that have been used for decades to stimulate the real estate and construction sector, and may go as far as impacting healthcare, charities, etc. The end result will be a decline in consumer confidence and consumerism, which are the kiss of death for a consumer-oriented economy such as ours.

  • This plan is the beginning of American Feudalism.

  • I would like to know, “Why no one that have interviewed them(like the News Media)have not ask for Mitt Romney/Paul Ryan to do the math/arithmetic,release his tax returns, explain his position on; “women rights as a Mormon” and “polygamy”!!

    Now lets go to the polls on November 6,2012 and show those(Republicans) that we will not be terrorized and held captive by; their controlling system,power hungry schemes, racist and money grubbing agenda!!

  • The Middle Class is broke thanks obama no jobs

    • DurdyDawg

      I heard Personal Liberty Digest is looking for a troll…

    • daniel bostdorf

      One year ago today—President Barack Obama, speaking in Richmond, Va., urged Americans to pressure their lawmakers to pass his $447 billion jobs plan.

      The “do nothing” and “do everything to defeat Obam” Republican controlled Hosuea is the REAL REASON jobs are not being created.

  • daniel bostdorf

    If Romney is elected….this country is heading for civil war.

    One year ago today—President Barack Obama, speaking in Richmond, Va., urged Americans to pressure their lawmakers to pass his $447 billion jobs plan.

    The “do nothing” and “do everything to defeat Obam” Republican controlled Hosuea is the REAL REASON jobs are not being created.

    It is NOT Obama’s fault!

    If Republicans get the House and White House, game is over for the poor and middle class.

  • Ed

    Dominic- Yes, their plans will change America forever. Which is where the republican party has been headed since 1980.

  • Dave_dido

    Many conservatives who post here refuse to acknowledge that the deck is stacked against working people. Look, we have a “capitalist” system. It’s designed so that people with capital can make money using their capital rather than by the sweat of their brow. There’s nothing in the Constitution that says we have to have a capitalist system. We the people allow it to be our system. This system has worked fairly well for all of us up until now. Unfortunately, the people with capital nowadays seem to be getting greedier and greedier. They are doing their best to eliminate labor unions who traditionally have kept capitalism in check. Now they want to eliminate estate taxes so that we can become like a 19th -century South American country where wealthy landowners passed their wealth generationally so that their families controlled the country.The rest of the population worked like peasants and were supressed when they demanded democracy. This is where we are heading. The Citizens United Supreme Court decision will enable this to happen. In previous generations we had enlightened millionaires like Andrew Carnegie who said that elimination of the estate tax would be bad for democracy, bad for free enterprise and especially bad for the inheritors of large estates because it would mean they never had to work for anything in their lives. Carnegie believed in a 100% estate or “death” tax so that wealth would be achieved by hard work and ingenuity rather than by bloodline alone.
    If you vote for Romney/Ryan you are voting for oligarchy over democracy. You are voting for monopoly over free enterprise.You are voting for social stratification rather than social mobility.
    If you are a working class person and you vote for Romney/Ryan you risk throwing away your birthright as an American. That birthright makes you just as important as Bill Gates or the Koch Bros. when deciding what kind of country you want when you go to the voting booth. Don’t let greedy people with money rob you of that right. Fight to overthrow the Citizens United decision.Vote against candidates who want to stack the deck even more to favor the super-rich.

  • CountyGirlME

    Why do I see two posts when I edited my post instead of an edit?