Voting For Romney?

Romney did an interview on 60 Minutes the other night as a watched I couldn’t believe what I was hearing. This is the most in-depth he has been on what he would do if elected.

He said he would eliminate taxes on middle income families for interest, dividends, and capital gains.
Romney’s own words were Middle-income people will probably see a little break, because there'll be no tax on their savings.

I do not know anyone personally that it would help but I am sure it will help some people.
When he was asked if he thought it was fair that on the 20 million dollars he made last year from capital gains he was taxed at 14% he said Yeah,

I -- I think it's -- it's the right way to encourage economic growth, to get people to invest.

So capital gains are profits that you make off of financial assets, such as shares/stocks or bonds; and intangible assets such as goodwill. He says they need to be low so people will start businesses.
A person like Romney never has to start a business to make money he makes a fortune off of his investments. I just do not see any reason why a person that is wealthy like him would leave a racket like that he already gets taxed less than anyone else. I just do not see how keeping the rate low encourages anyone to start a business. If it did wouldn’t he have invested or started a business after all he has been doing it for a long time.

Romney wants to lower corporate rates so it can compete with capital gains rates but he would need to close tax loopholes to pay for the loss in revenue to the government.

Wouldn’t raising capital gains rates to corporate rates encourage people to put their money into businesses where they can make more money instead of having it sit in stocks and bonds?(capital gains)
If you closed the loopholes as well wouldn’t we be even closer to paying off the debt?

When they asked him about specifics he says well we will have to work that out.

--ROMNEY: Well, that's something Congress and I will have to work out together. My -- my experience as a governor...

PELLEY (on camera): You're asking the American people to hire you as President of the United States. They'd -- they'd like to hear some specifics.

The devils in the details. The angel is in the policy. That magic underwear must also help him dodge questions.

PELLEY: You have heard the criticism, I'm sure, that your campaign can be vague about some things. And I wonder if this isn't precisely one of those things?

ROMNEY: It's very much consistent with my experience as a governor ........

Asked if this is this was an instance where he is being vague. He says it’s consistant to when he was governor.

Geez that’s reassuring. He must have been a pain to work with.

We need trillions of dollars in budget cuts
He says he will cut healthcare 100 billion.
Turn federal programs over to the states 100 billion.
Cut back on the size of government (fire people) unknown amount.
He listed 200 Billion plus an unspecific amount.

Listening to Mitt spin this web. (PRICELESS)

Do away with medicade, housing vouchers, and food stamps and send the money that would have funded it to the states. Let’s hope your governor isn’t a dirt bag. You better pay attention to who you elect to run your state it could be more important than who becomes president.

How is this going to lower the deficit? Grow them at the rate of inflation in some cases plus 1%.
Because it is a lower of growth he says it should save about 100 billion a year.

How? This sounds more and more like wishful thinking maybe even magic!
He did say in in a secret tape that has been released he believes the economy will recover just because he would be president he then says well maybe not he just doesn’t know. More Magic.

The president is cutting 716 billion dollars from Medicare Romney criticizes that except that is how much Obamacare saves in Medicare costs. He says he would not make those cuts.

(The law reduces future growth in Medicare costs by $716 billion over 10 years, according to the nonpartisan Congressional Budget Office. But that money isn’t cut from Medicare’s current budget and spending will continue to increase.)

Politifact

Let's go over this slowly. The Republicans have been telling the American people that Obamacare is expensive and will bankrupt the country. But when they asked the CBO what would happen if they repealed Obamacare, they discovered that it would result in an additional $716 billion in Medicare costs. Overall, the CBO estimated that the cost of repeal would be $109 billion over the next ten years. So, the truth is that ObamaCare saves us money.

source
If he cuts ObamaCare it will cut a 100 billion but cost a 109 Billion in the 1st year.

Romney: Well, I don't want any change to Medicare for current seniors or for those that are nearing retirement. So the plan stays exactly the same. The president's cutting $716 billion from current Medicare. I disagree with that. I'd put those dollars back into Medicare.

Pelley: Mr. Ryan has proposed something similar, almost precisely the same number, 716.

Romney: Yeah. He was going to use that money to reduce the budget deficit. I'm putting it back into Medicare and I'm the guy running for president, not him.

There you have it, in a nutshell. Mitt Romney is the guy running on a promise to spend $716 billion more on Medicare than either Paul Ryan or Barack Obama. To voters concerned about entitlement spending and the effect on the deficit and debt, the message sent is, "I'm not your guy."

Romney plan for those who can’t afford medical insurance is no insurance. He seems to think what they have now is just fine. Everyone knows emergency room care is great preventive medicine. Or is it?

PELLEY: Does the government have a responsibility to provide health care to the fifty million Americans who don't have it today?

ROMNEY: Well, we do provide care for people who don't have insurance, people -- we -- if someone has a heart attack, they don't sit in their apartment and -- and die. We -- we pick them up in an ambulance, and take them to the hospital, and give them care. And different states have different ways of providing for that care.

PELLEY: That's the most expensive way to do it.

Romney states he would have Means Testing for Social Security

If you study the "means testing" proposals it quickly becomes clear they're not targeting "millionaires" at all. The Concord Coalition, a right-wing group that first pushed this idea, thinks that the "means-tested" cuts should begin with people who have earned more than twenty thousand dollars per year during their working lives.

Twenty thousand dollars.

Funny thing: The people who express outrage over millionaires collecting Social Security are the very same people who keep lavishing tax cuts on them. And if you try to stop them they cry "class warfare"! There can't be any worse example of "class warfare" that demonizing some old well-to-do couple as they're going to the Post Office to pick up their checks.

source

Reading the transcript is almost comical. Sources continued in next post.

continue
Politifact
www.politifact.com...
Transcript of 60 Minutes
www.foxnews.com...
60 Minutes interview with Romney
www.cbsnews.com...

Romney may be living in a fantasy world. Here are a few fairytailes that describe what he has planed.





Its the nicest way I could put it.

Why should capital gains be taxed? Its like taxing a used car. how many times can you tax the same money? So lets say im rich, i pay 20% income tax. Then i put the money in the stock market (making a serious risk unless i have insider info). I make some money, get taxed 14% on it. But how much did i lose before i made that? What if the stock goes up and down and i make 100k, lose it, make it back....then what?

And god forbid i spend that money, then i pay another 6 to 10% taxes...

Ive already paid 9000 in tax withholdings this year. God only knows what i paid in sales/service taxes.

Its a scam like anything else.

Why is it that if i borrow money from a bank, i could pay up to 30% interest....sure, not a likely amount, but 10% is. If i put my money in a savings account i might get 1%. Wtf? im not even going to mention the western sky financial ads....oh yeah, borrow 5000 and pay back 25000

Lets say i buy a used car today. Maybe its 5 grand. If i drove it around the block and offered it back to the dealer its worth 2500. Wtf?

i don't know why anybody in the bottom 95% of annual income would vote for this guy...for a guy that can't tell you what the details of his economic plan are...he sure has enough details for his OWN economic plan to invest his own money in scores of off-shore accounts. he is one of the people that helped bring this country down by outsourcing jobs, closing down businesses, all the while making millions off of doing so....even 28% of the voters in massachusetts thinks he was the worst governor of all time, not bad, not so-so, the worst.

reply to post by phroziac


8.If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.


9.If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.

IRS

Originally posted by phroziac
Why should capital gains be taxed? Its like taxing a used car. how many times can you tax the same money? So lets say im rich, i pay 20% income tax. Then i put the money in the stock market (making a serious risk unless i have insider info). I make some money, get taxed 14% on it. But how much did i lose before i made that? What if the stock goes up and down and i make 100k, lose it, make it back....then what?

And god forbid i spend that money, then i pay another 6 to 10% taxes...

Ive already paid 9000 in tax withholdings this year. God only knows what i paid in sales/service taxes.

Its a scam like anything else.

Why is it that if i borrow money from a bank, i could pay up to 30% interest....sure, not a likely amount, but 10% is. If i put my money in a savings account i might get 1%. Wtf? im not even going to mention the western sky financial ads....oh yeah, borrow 5000 and pay back 25000

Lets say i buy a used car today. Maybe its 5 grand. If i drove it around the block and offered it back to the dealer its worth 2500. Wtf?

people with inherited wealth, would, over the course of 3 generations, own 99% of this country. that's what my CPA of 45 years of experience told me before he retired.
if you had a billion dollars invested, with all your income coming from capital gains, with a return rate of just 5%, that would be an income of 50 million dollars a year PAYING NO INCOME TAX.....

Originally posted by phroziac
Why should capital gains be taxed? Its like taxing a used car. how many times can you tax the same money? So lets say im rich, i pay 20% income tax. Then i put the money in the stock market (making a serious risk unless i have insider info). I make some money, get taxed 14% on it. But how much did i lose before i made that? What if the stock goes up and down and i make 100k, lose it, make it back....then what?

And god forbid i spend that money, then i pay another 6 to 10% taxes...

Ive already paid 9000 in tax withholdings this year. God only knows what i paid in sales/service taxes.

Its a scam like anything else.

Why is it that if i borrow money from a bank, i could pay up to 30% interest....sure, not a likely amount, but 10% is. If i put my money in a savings account i might get 1%. Wtf? im not even going to mention the western sky financial ads....oh yeah, borrow 5000 and pay back 25000

Lets say i buy a used car today. Maybe its 5 grand. If i drove it around the block and offered it back to the dealer its worth 2500. Wtf?

Just because you choose to take a risk on the stock market that's your choice nobody is making you do it so why shouldn't you pay the same tax rate as everyone else. Sales and services taxes are state taxes not federal. As far as your bank goes that is your bank screwing you over not the fed.

Western sky is run by native Americans they give high risk loans so you can expect to pay more back. Besides the Europeans screwed them out of their lands so screwing the Europeans out of their money is just payback.

reply to post by jimmyx

people with inherited wealth, would, over the course of 3 generations, own 99% of this country. that's what my CPA of 45 years of experience told me before he retired. if you had a billion dollars invested, with all your income coming from capital gains, with a return rate of just 5%, that would be an income of 50 million dollars a year PAYING NO INCOME TAX.....

And it is these people that are the ones buying politicians to make it so they won't have to pay taxes. They scream the loudest about taxes yet did nothing to earn their wealth. Yet they cry about the 47% who pay no taxes. Now who are the real freeloaders.

reply to post by phroziac

Why should capital gains be taxed? Its like taxing a used car. how many times can you tax the same money?

The tax isn't on the item or the money, it is on the individual.

Using your logic, no one should have to pay income tax because the money they are paid with comes from other people who have bought goods or services to give the company revenue, and that money they paid with has already been taxed, so why tax it again?

Capital gains should be treated no differently than regular income. With regular income, you invest your time and effort to get a return on your investment which is your income. With capital gains, you invest your money to get a return on your investment. It is exactly the same thing, they should both be taxed exactly the same.

I have no idea why any of you would even vote, it makes absolutely no difference whats so ever, i am right now going to predict what happens when someone gets elected, doesn't matter who, they are all actors anyways. First there is gonna be a new battlefield to fight on and some boogeyman they are trying to "eliminate", second the market is gonna go up down and people will panic as always (its just number guys), then there are gonna be a few more actors(candidates) you will be able to choose from to be your next big savior, and that's when the hating is gonna start on the person elected and the candidates, so it's a really good show at this point, in the end people vote for a person who is just like the last and the future president, and circle continues.

Honestly people, wake up, WAKE UP!!!!

Romney gave 4+ million dollars to Charity in 2011, thats over 4x as much as Obummer, I recently moved to a swing state, and excited to vote in a swing state election I finally feel like my vote makes a difference, hopefully we can get some points out for Romney

reply to post by Grimpachi


Vote for Romney? Hardly! As a matter of fact, I'll probably never vote for another republican candidate as long as I live, unless there is a total rebuild of the party and it's platform. Today, I can't tell them apart from the Ku Klux Klan of old.

IMO, Voting for Romney, or any republican for that matter, would be like begging for permanent enslavement.

F&S for the OP!

reply to post by Flatfish


Yes even though the Democrats are the ones that wrote the Jim Crow laws, and most of the race/ racist laws we have today, including affirmative action.

I've still yet to see any media scrutiny on what Obama's plans are and he's been president since 2009!

Originally posted by Flatfish
reply to post by Grimpachi

 

Vote for Romney? Hardly! As a matter of fact, I'll probably never vote for another republican candidate as long as I live, unless there is a total rebuild of the party and it's platform. Today, I can't tell them apart from the Ku Klux Klan of old.

IMO, Voting for Romney, or any republican for that matter, would be like begging for permanent enslavement.

F&S for the OP!

So basically, you wont vote for Republicans unless they become Democrats?

Originally posted by jimmyx
i don't know why anybody in the bottom 95% of annual income would vote for this guy...for a guy that can't tell you what the details of his economic plan are...he sure has enough details for his OWN economic plan to invest his own money in scores of off-shore accounts. he is one of the people that helped bring this country down by outsourcing jobs, closing down businesses, all the while making millions off of doing so....even 28% of the voters in massachusetts thinks he was the worst governor of all time, not bad, not so-so, the worst.

Soooooooooooo, hows that Obama economic plan working out for the bottom 95%?

reply to post by Grimpachi

Thanks for this thread, OP! Star and Flag.

I started a thread this am in the 2012 Elections forum regarding this general topic (Romney):
Romney and the GOP: The other side of the grimy coin

Included two OpEd pieces regarding Romney's character revelations and the crap he spews and stands for.

I will just leave it at that, and withhold my own OpEd, which would not be pleasant on the topic at all....

Yikes.

Originally posted by DrNotforhire
Romney gave 4+ million dollars to Charity in 2011, thats over 4x as much as Obummer, I recently moved to a swing state, and excited to vote in a swing state election I finally feel like my vote makes a difference, hopefully we can get some points out for Romney

Romney made 8 times as much as Obama did in 2011, he should be giving more to charity.

And let's not forget, a large chunk of Romney's donations are directl to the Church of LDS because it is required of him to do so.

Originally posted by HostileApostle

Originally posted by DrNotforhire
Romney gave 4+ million dollars to Charity in 2011, thats over 4x as much as Obummer, I recently moved to a swing state, and excited to vote in a swing state election I finally feel like my vote makes a difference, hopefully we can get some points out for Romney

Romney made 8 times as much as Obama did in 2011, he should be giving more to charity.

And let's not forget, a large chunk of Romney's donations are directl to the Church of LDS because it is required of him to do so.

At least Romney has faith in something besides himself...

Originally posted by DrNotforhire
Romney gave 4+ million dollars to Charity in 2011, thats over 4x as much as Obummer, I recently moved to a swing state, and excited to vote in a swing state election I finally feel like my vote makes a difference, hopefully we can get some points out for Romney

YEAH...he gave the vast majority of it to the mormon church, who keep secret their expenditures and are tax exempt...what a guy!

reply to post by PvtHudson


considering the republicans in the house have racked up more filibusters against Obamas economic proposals in the last four years than any other congress in the history of the united states, it's going as well as can be expected

reply to post by DrNotforhire

At least Romney has faith in something besides himself...

And that is a reason to vote for him?