Romney said during the debate, “I will not raise taxes on the wealthy.” They are currently paying the lowest rates in over 50 years.
Forbes has released its annual list of the 400 wealthiest Americans. When the wealth of just the top 10 people is added up, it is $347.1 billion. That’s enough to pay for over one-third of the entire stimulus package. Bill Gates is No. 1 with $66 billion. Warren Buffet has $46 billion. The Koch brothers have $31 billion each.
During the past year, these 400 people have increased their cumulative wealth by $200 billion. The reason for this growing disparity is they move their millions into investments that are taxed at the 15 percent “capital gains” rate, and Romney wants to reduce the capital gains rate even more!
The tax policy has been written by the rich for the rich by the money they spend on lobbying and on campaign contributions to get more tax breaks, loopholes, bailouts and financial deregulations.
It’s clear which party this benefits. The Republicans have over 10 PACs that get their money from Wall Street, huge banks and financial institutions and hedge fund managers. They are giving millions to Romney’s campaign and the Republicans.
Obama has two PACs, and almost no money comes from the groups that support Romney. These groups want to make sure that Romney will control what’s in the next tax plan that will probably be written in the next four years.
Romney has said for months he wants to cut everyone’s taxes by 20 percent. The only way his plan doesn’t increase the deficit is if it removes the deductions that benefit the middle class. This could even increase the taxes paid by the middle class, making his tax cuts benefit the wealthy more. This creates even a wider gap between the rich and poor.
Romney claims his cuts and deregulations will create jobs. Bush used the exact same policies for eight years. We increased the deficit, lost jobs and went over a fiscal cliff.
Jobs are created only when the middle class has enough money to buy more products. When demand for products increases, more jobs are needed to produce these products. That’s how you grow the economy. By bleeding the middle class, you destroy the economy.
We’ve tried Romney’s way. It failed drastically. We must not go back. Obama will move us forward.