Mitt Romney is largely out of touch with the average American Voter and his recent tax proposals and reluctance to disclose his personal financial records could pose a challenge to Romney’s campaign.
The debate in South Carolina showed a flustered Romney stammering as he struggled to answer questions about releasing his tax returns.
Romney stated “He is not opposed to releasing his tax records around April?
Why April and not January? Is Romney thinking he will have solidified the GOP nomination by then and the speculation about how much he really pays in taxes will be obsolete? Not to mention, he may be counting on the fact that GOP supporters wouldn’t dare drop him as a front runner because after all, who else can beat President Obama in the general election?
Proposes Tax Measures that Benefit the Wealthy
The Romney tax would cut the corporate tax rate from the current 35% to 25%. Institute a “tax holiday” for U.S. Corporate profits that are currently overseas avoiding taxation. Also, Romney would eliminate long term capital gains tax, dividends and interest income for married people earning up to $200,000 and singles earning less than $100,000 and heads of households earning less than $150,000. Romney’s tax plan would affect those making less than $40,000 per year who could pay more in taxes. While wealthy Americans making more than $1 million will get an average tax cut of $150,000.
Romney reluctantly admitted his tax rate is close to 15%, which is less than most middle class working Americans are taxed.
How does he get away with this? It’s called Capital Gains. His income comes from investments or capital gains which are taxed at a 15% rate. Additionally earnings Romney’s income from Bain was paid as capital gains.
Last time I checked, the majority of middle income earners don’t have the luxury of getting paid in the form of capital gains, much less taking advantage of the tax loopholes offered by capital gains allowing them to keep most of their income.
Romney did mention earning money as a public speaker close to $374,327 which is more than five times what most middle class earners receive. Don’t get me wrong, I don’t hate him for doing well financially and am a huge proponent of free enterprise. However, I’m concerned that Romney is out of touch and simply can’t relate to the economic challenges facing the average middle income earner.
Lacks Track Record on Job Growth
Romney states Americans need someone (like him) who understands how the economy works. He is referring to his role at Bain Capital, which caused some noise, but not enough to upset his lead in the New Hampshire primary race.
The truth is, Romney did not create jobs during his tenure at Bain Capital. Bain Capital invested in ailing companies to help them become profitable. A number of companies including Bain Capitals acquisition of South Carolina based Georgetown Steel resulted in massive employee layoffs, a ravaged profit sharing plan and bankruptcy filing in 2001. Romney’s track record has been less about “job creation”, rather than “job elimination”, as he stated sometimes corporate leaders have to make tough choices in running their organizations.
Inconsistent on Foreign Policy
Romney has been accused of being a flip flopper in his views on foreign policy and is being compared to former 2004 Presidential nominee John Kerry (D-Mass). Former GOP Presidential nominee John McCain (R-Arizona) recently endorsed Romney’s campaign, released his notes referencing then opponent Mitt Romney during the 2008 campaign as “weak on foreign policy”.
Romney is apparently flipped the switch and is speaking more forcefully about national interests and foreign relations. Romney who early in his campaign was perceived as soft on national defense, is now standing as a leader who will be non-negotiable when it comes to talks with the Taliban and the withdrawal of troops from Afghanistan.
Related Articles
Why Romney’s Record At Bain Capital Could Hurt His Credibility
Romney Tax Cuts Give Wealthy A Big Pay Day
Sources
John McCain’s 2008 opposition dossier on Mitt Romney: He’s weak on foreign policy, a flip flopper, NY Daily News
Romney tax plan would balloon U.S. deficit:report, Reuters