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Economy

Page history last edited by PBworks 16 years, 2 months ago

Governor Romney's Economic Stimulus Plan – Washington Must Act Now:

 

Governor Romney's Economic Stimulus Plan Would Provide Much-Needed Relief To Taxpayers, Businesses And Homeowners. Today, our economy is facing unprecedented challenges both here at home and abroad. Our economy needs pro-growth stimulus, but Governor Romney believes any stimulus package should return money to American taxpayers, not increase already out-of-control government spending. To promote economic growth, Governor Romney is proposing an economic stimulus plan that would lower taxes on individuals, reduce taxes for Businesses and help homeowners through the current housing crisis.

  • Individuals: Governor Romney would permanently reduce the lowest income tax bracket, permanently eliminate payroll taxes on seniors and make middle-class savings tax free.

 

  • Businesses: Governor Romney would institute immediate 100% expensing of equipment for two years and permanently reduce the corporate tax rate.

 

  • Homeowners: Governor Romney would reform and expand Federal Housing Administration (FHA) loan portfolio limits to allow larger loans to homeowners.

Governor Romney Urges Our Leaders To Work Together And Immediately Debate, Pass And Sign A Stimulus Package For The American People. If our representatives in Washington can work together and demonstrate the leadership that the American people deserve, Governor Romney is optimistic that we can still turn this economy around. Washington must get to work immediately and pass a bill no later than February 19, a month from today, in order to stimulate our economy.

 

INDIVIDUALS: Governor Romney's Economic Stimulus Plan – Pro-Growth Tax Cuts For Individual Taxpayers:

 

Permanently Reduce The Lowest Income Tax Bracket to 7.5%. Permanently cutting taxes for all taxpayers will put more money in workers' pockets and stimulate consumer confidence and spending.

  • Cutting The Lowest Tax Rate From 10% To 7.5% Will Provide Up To A $400 Tax Cut To Each American Taxpayer.

 

  • Governor Romney Proposes Providing An Immediate Retroactive Tax Credit Reflecting The Lower 7.5% Tax Rate For 2007 Earnings To Employees Who Earned Less Than $97,500 In 2007. This tax cut would immediately stimulate the economy as taxpayers with the highest propensity to consume receive their increased 2007 tax refunds.

 

  • Permanently Reducing The Lowest Bracket Is A Pro-Growth Tax Cut For The Tens Of Millions Of Americans In The Lowest Income Tax Bracket.

Permanently Eliminate Payroll Taxes On Employees Over The Age of 65. It is not fair that seniors that have worked their whole life and earned their full Social Security benefit continue to owe payroll taxes to the federal government.

  • In This Uncertain Economic Environment, More And More Seniors Are Returning To The Workforce. Governor Romney's proposal will provide an immediate tax cut to working seniors.

 

  • Governor Romney Believes That Seniors Have Already Earned Their Full Social Security Benefit And Should Not Owe Additional Payroll Taxes For Income Earned After Age 65.

Make Middle-Class Savings Tax Free. Governor Romney's plan will allow middle class Americans to save tax free by changing the tax rate on interest, capital gains and dividends to absolutely 0%. By helping more Americans save and invest, we can meet the challenges of an aging population and ensure the financial security of America.

  • Allow Over 95% Of American Families To Save And Invest Tax Free: Any taxpayer with Adjusted Gross Income under $200,000 would pay a tax rate of absolutely 0% on all of the income they earn from their savings, capital gains and dividends.

 

  • Expand The Investor Class: In recent years, over half of adult Americans have participated in the stock market either directly or through pension plans and mutual funds. Tax-free savings will encourage more families to build wealth by saving, investing and participating in the stock market, which will help grow the economy.

BUSINESSES: Governor Romney's Economic Stimulus Plan – Pro-Growth Tax Cuts For Businesses:

 

Institute Immediate 100% Expensing Of New Equipment Purchased By A Business For A Two-Year Period Retroactive To January 1, 2008. This plan would allow both large and small Businesses to immediately invest in new equipment and capital improvements, which would immediately stimulate the economy and create new jobs.

  • Boost U.S. Manufacturers And Vendors: Accelerating and increasing capital investment in equipment and other qualified assets in the U.S. will immediately provide a boost to U.S. manufacturers and vendors.

 

  • Encourage Additional Business Investment: Entrepreneurs and small Businesses, such as S corps and LLCs, which often face cash flow difficulties, will benefit greatly by the reduced cost of investment in equipment under this plan. Additional investment and expansion by these growing Businesses will drive economic growth.

Reduce The Corporate Tax Rate To 20% Over Two Years. Governor Romney believes we should immediately act to reduce the corporate rate to 25% for 2008 and 20% in 2009. A permanent U.S. corporate tax rate of 20% will attract capital, stimulate investment, and increase American competitiveness with the rapidly growing economies of the world.

  • A More Competitive Corporate Tax Rate: Governor Romney has spoken throughout the campaign about the need to reduce our corporate income tax rate in order to compete more effectively against other countries with lower rates. The United States currently has the second-highest corporate tax rate in the Organization for Economic Co-operation and Development.

 

  • Encourage New Capital Flows Into The United States: Cutting the corporate tax rate will cause new capital to flow to the U.S. and make our U.S. companies more competitive by providing additional funds for research, development, innovation, and hiring of additional employees.

HOMEOWNERS: Governor Romney's Economic Stimulus Plan – Helping Homeowners:

 

Reform And Expand Federal Housing Administration (FHA) Loan Portfolio Limits:

  • Lower The Amount Of Upfront Down Payment A Borrower Must Make, Allowing FHA To Help Nonprime Borrowers Who May Not Be Able To Meet The Current Requirement.
  • Raise The Maximum Loan Amount Eligible For FHA Insurance, Allowing FHA To Serve More Borrowers In Higher-Priced Areas.
  • Expand NeighborWorks America's Foreclosure Avoidance Initiative: Governor Romney proposes expanding NeighborWorks America's Foreclosure Avoidance Initiative to help American homeowners stay in their homes. NeighborWorks America assists homeowners by offering foreclosure counseling and identifying refinancing opportunities for U.S. homeowners.

Governor Romney's Pro-Growth Tax Agenda:

 

Governor Romney's Economic Stimulus Plan Is In Addition To His Tax Proposals Which Will Provide A Sound Economic Framework For Long-Term Growth:

  • Make The Bush Tax Cuts Permanent: Making the Bush Tax Cuts permanent is the first step to ensuring that Americans are able to keep more of their hard-earned money.

 

  • Roll Back Tax Rates For All Americans: As President, Governor Romney will cut marginal tax rates across the board, allowing all Americans to save more money.

 

  • Kill The Death Tax: It is unfair to tax Americans three times: first when they earn their money; second when they invest it and receive income from those investments; and third when they die.

 

  • Make The Research And Development Tax Credit Permanent To Encourage Capital Investment And Innovation: Governor Romney believes that we must encourage companies to invest more in research and development to produce the innovations our companies need to win in the global economic competition.

 

  • Oppose Any Increase In Social Security Taxes: We can strengthen Social Security without resorting to higher Social Security taxes that will impact all Americans. Governor Romney will oppose any proposed increase in Social Security taxes.

 

  • Prevent The Alternative Minimum Tax (AMT) From Hurting More American Families: At the very least, Congress must pass a patch to the AMT that will prevent this tax from affecting more and more families in America.

 

 

 

MSNBC: Gov. Romney On The Michigan Economy

 

Economy

 

Governor Mitt Romney on controlling wasteful spending and lowering burdensome taxes

 

  • "I saw the potential of economic conservatism when I became governor. Our state budget was $3 billion short. Liberals wanted to raise taxes, but I cut government instead. I eliminated and combined duplicative agencies and programs, and I balanced the budget 4 years in a row."

 

As president Mitt Romney will audit Washington top to bottom. Mitt will cap non-defense spending- a bold plan that'll save $300 billion in 10 years.

  • "We have an opportunity to really make a change in this country. I'm going to cut spending. I'm going to cut taxes. Lower marginal tax rates for all Americans."

 

Mitt Romney is the first candidate to take the tax pledge

  • "I signed the tax pledge because I want everyone to know where I stand. We've got to get taxes down and grow our economy."

 

Quotes from Governor Mitt Romney on The Economy

 

  • "We cannot continue to have an (educational) excellence gap with the rest of the world and intend to remain the economic superpower and military superpower of the planet. That's just not going to happen. We're in a position where unless we take action, we'll end up being the France of the 21st century: a lot of talk, but not a lot of strength behind it in terms of economic capability." –Source: Boston Globe, November 16, 2005 (quoted from a speech to educators)

 

  • "I want an economic development plan tailored to each region of the state, and I want each of those plans to concentrate on bringing more jobs to Massachusetts,” said Romney. Source: 02-03-2003 Press Release

 

  • "The economic stimulus bill that I am signing today contains a number of smart investments that will create jobs and help put the Massachusetts economy on the road to long-term economic growth and recovery," Romney said. Source: 11-26-2003 Press Release

 

  • He added, "However, in austere fiscal times, we cannot spend more than we have. Therefore, I have reduced spending to a level that is immediately necessary." Source: 11-26-2003 Press Release

 

  • “We want companies that develop their products in Massachusetts to manufacture them in Massachusetts,” Romney said, after a tour of Wyeth BioPharma, one of the largest biopharmaceutical operations in Massachusetts. Source: 10-30-2003 Press Release

 

  • He added, “My plan, which is part of the economic development bill I filed, will help businesses grow and give them incentives to stay in our Commonwealth as they move from the lab to the factory floor. My administration is committed to helping companies like Wyeth reach their full potential.” Source: 10-30-2003 Press Release

 

  • “Ranch is a proven leader with tremendous energy and a deep understanding of economic development issues. He will make a strong addition to the team,” said Romney. “Job creation is his first priority, but I also look forward to his leadership and advice in a number of areas, including auto insurance reform, workforce development and cutting red tape.” Source: 04-07-2004 Press Release

 

Governor Mitt Romney "Economy" Press Release

2003

02-03-2003, ROMNEY PUTS FOCUS ON ECONOMIC REVITALIZATION

11-26-2003, ROMNEY SIGNS ECONOMIC STIMULUS, SUPPLEMENTAL BUDGET BILLS

10-30-2003, ROMNEY WORKS FOR RESURGENCE OF MASSACHUSETTS ECONOMY

10-20-2003, ROMNEY WORKS FOR RESURGENCE OF MASSACHUSETTS ECONOMY

 

2004

04-07-2004, ROMNEY TAPS KIMBALL AS ECONOMIC DEVELOPMENT SECRETARY


The issues according to Myclob

 

Macro-Economics

  1. It may seem like a strange paradox, but those societies that guarantee the least for their poor, often end up giving them the least.
  2. Protectionism is sometimes necessary in trade.

 

 

Micro-Economics

  1. If people have to show their prestige by buying expensive things, they should do it with something that is practical, instead of buying a $300,000 watch.

 

Economic Theory

  1. The free market leads to better quality.
  2. "From each according to his ability, to each according to his need" is a fundamentally good idea.
  3. Forget GDP or Gross Domestic Product. A better metric for prosperity is GNH or "Gross National Happiness".
  4. Industrious and efficient production is impossible without energetic, willing and eager labor.
  5. Economic security for all is impossible without widespread abundance.
  6. Abundance is impossible without industrious and efficient production.
  7. Wiling and eager labor is impossible without incentive.
  8. Of all forms of incentive – the freedom to attain a reward for one’s labors is the most sustaining for most people. Sometimes called THE PROFIT MOTIVE, it is simply the right to plan and to earn and to enjoy the fruits of your labor. (reasons to agree & disagree
  9. This profit motive DIMINISHES as government controls, regulations and taxes INCREASE to deny the fruits of success to those who produce.
  10. Therefore, any attempt THROUGH GOVERNMENTAL INTERVENTION to redistribute the material rewards of labor can only result in the eventual destruction of the productive base of society, without which real abundance and security for more than the ruling elite is quite impossible.

 

Economy

 

  1. http://reason4romney.blogspot.com/search/label/Economy

 

 

Governor Romney's Five Factors That Accelerate Growth And Assure Economic Leadership:

 

- Skilled, Educated, Motivated People

 

- Free Trade, On The Level

 

- Capital And Savings

 

- Innovation And Technology

 

- Consumer Freedom

 

Governor Romney's Five Braking Factors That Decelerate Economic Growth:

 

- Excessive Taxation And Spending

 

- Excessive Regulation

 

- Excessive Burdens On Business Activity

 

- Excessive Health Care Costs

 

- Excessive Energy Costs

 

Governor Romney's Initiatives To Ensure America's Continued Economic Growth:

 

Below are excerpts of Governor Romney's remarks as prepared for delivery.

 

MAKING THE 2001 AND 2003 TAX CUTS PERMANENT: "Which course is better for America? A European model of high taxes and regulations? Or, low taxes and free trade - the Ronald Reagan model? That's the choice the next President will make. Some are already fighting to implement a massive tax increase. Instead, we should make the tax cuts permanent."

 

- REFORMING THE TAX CODE: "However, making the tax cuts permanent is only the first step. We also need reform of the tax code that moves towards a tax system that encourages growth, fairness, and simplicity."

 

TAX FREE SAVINGS: Governor Romney Proposes Allowing People To Save Tax Free. "It is time to make saving easy in America. I believe people should be allowed to earn interest, dividends and capital gains up to a certain amount a year, tax free and without restrictions on how or when their savings and investments are spent. As an example, let's say we chose $5,000 for joint filers as the annual tax free figure for dividends, interest and capital gains. This would help middle class families to be able to save and to invest - and spend their savings the American way: any way they want."

 

FISCAL DISCIPLINE: Unless Given The Line-Item Veto, Governor Romney Would Veto Any Appropriations Bills If They Exceed Spending Targets. "I have a fairly simple idea for keeping spending in check. Give Congress a spending target and then insist that it is met. If Congress does not meet the spending targets, then its appropriations bills should be vetoed. I regularly exercised my veto power while governor. The alternative is for the Congress to vest the President with a power held in some form by 43 governors, including this Governor - the line-item veto."

 

REGULATORY RELIEF: Governor Romney Would Reinstitute A Regulatory Relief Board To Cut Back Regulations That Choke Off Growth. "Our regulatory burden is also overbearing. I'd re-institute a regulatory relief board to cut back the regulation weeds that choke off growth. One that deserves pruning is Sarbanes Oxley - it's driving away IPO's, depressing jobs, and requiring billions of unnecessary cost. Executives who violate the law should go to jail, but the entire economy shouldn't have pay an inordinate price for the sins of the few bad actors."

 

NATIONAL TORT REFORM: Governor Romney Believes America Needs National Tort Reform, Not Reform State-By-State. "Another burden on our economic future is our out-of-control tort system. Last year, U.S. corporations spent more money on tort claims than they did on R&D. If innovation is the key to our long term leadership, then some tort lawyers are cashing out our country's future. I spoke with one member of the plaintiff's bar the other day. He said that the tort lawyers are ok with state reform, but not national reform. You know what state level tort reform means - it means that as long as there is one lawsuit-friendly state, they can sue almost any major, deep-pocketed company in America. No thanks, America needs national tort reform."

 

FUEL EFFICIENCY: Governor Romney Would Evaluate Reforms To CAFE Standards To Develop A Better Way To Get Higher Fleet Mileage Without Market Distortions. "What does this mean for Detroit? Well, it means that the automotive fleet will have to become more fuel efficient. CAFE improved mileage initially, but the consumer has gotten around it over the last couple of decades. CAFE has some real problems. It distorts the market. It penalizes the domestic automakers. It can ignore technical realities. So before I would change the CAFE standards, I want to sit down with every major knowledgeable party and evaluate each of the alternatives. A good number have been proposed; let's decide which is the best course by looking at the data and analysis, rather than by playing to the TV cameras Let's not forget that a far more fuel efficient fleet must be part of our energy future. The issue is which is the least distorting way to achieve it."

 

CNBC: Vin Weber On Romneynomics

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