America faces economic challenges at home and abroad. We must improve America’s global competitiveness and unleash the American economy by rolling back tax rates across the board, eliminating taxes on middle class savings, making the Bush tax cuts permanent, lowering the corporate tax rate, making health care expenses tax deductible and eliminating the death tax once and for all.
CHALLENGE: America faces economic challenges at home and abroad. China and the rapidly developing nations of Asia are growing into stronger economic competitors. Europe has merged into a large economic bloc with a common currency. The Middle East and Russia are flush with oil money and control a vital commodity. At home, America faces the challenge of continuing to educate the workers of the future while dealing with a housing crisis and credit crunch.
GOVERNOR ROMNEY: "Are we going to stay ahead of the world, are we going to lead the world, or are we going to instead pull up the drawbridge and try to hang on to everything we've got and say we can't compete with the world?" (Ryan J. Halliday, "Romney Defends His Health-Care Plan," Nashua Telegraph, 6/7/2007)
GOVERNOR ROMNEY: "We face a much tougher competitor or group of competitors coming from Asia than we've ever faced before. Asia is tough. There are a lot of Asians. They are hard working people. And they’re going to give us a run for our money in terms of our economic vitality." (Governor Mitt Romney, Remarks At The Club For Growth, 3/29/2007)
GOVERNOR ROMNEY ON THE THREAT OF EXCESSIVE TORT CLAIMS AND OVERREGULATION: "Regulations, over regulation, things like Sarbanes-Oxley. Let's apply millions of dollars of penalty to every company in America thinking about being public. That slows down growth. Tort claims, excessive tort claims. Look, normal application of the legal process is essential and necessary for an effective economy. But excessive tort claims and runaway liability rewards retard the growth of our entire economy and slow down the success that all of our citizens enjoy." (Governor Mitt Romney, Remarks At The Club For Growth, 3/29/2007)
The Romney Plan:
Improve America's Global Competitivenes
Lower The Corporate Tax Rate. Make America's business environment competitive with the rest of the world to attract capital and encourage investment.
Strengthen Education. Emphasize math and science, while promoting innovative approaches such as charter schools and public-private partnerships, to ensure American workers have the intellectual capital and skills to compete in the 21st century economy.
Improve Worker Retraining. Consolidate and streamline the numerous federal programs in this area, and focus on giving workers the skills they need to succeed in a global economy.
Reform Our Immigration Laws. End illegal immigration, but encourage legal immigration and streamline the system to recruit and retain highly-skilled workers and welcome the best and the brightest from around the world to our universities.
Unleash The American Economy
Lower taxes For All. Lower income tax rates across the board to reward productivity and leave more money in the economy for consumption and investment.
Zero Rate On Middle Class Savings. Eliminate all taxes on interest, dividends, and capital gains for anyone with Adjusted Gross Income under $200,000 to make it easier for the middle class to save.
Make The Bush Tax Cuts Permanent. Extend the progrowth tax cuts on income, capital gains, and dividends implemented by the Bush Administration that will otherwise expire in 2011.
Eliminate The Death Tax Once And For All. Allow families to pass their hard-earned savings, and assets from businesses to farms to homes, from one generation to the next without the federal government taking a cut.
Provide Regulatory Relief. Eliminate cumbersome and unnecessary regulations and bureaucracies that hinder economic growth and job creation.
Implement National Tort Reform. End the frivolous lawsuits and excessive non-economic damages that burden American companies with excessive tort costs.
Build And Repair Transportation Infrastructure. Invest in infrastructure projects critical to the national economy and its flow of goods and people, instead of funding home-district pork.
GOVERNOR ROMNEY: "Let me talk just briefly about my tax philosophy. One, I was the first candidate for president to sign the Norquist tax pledge. Two, of course we have to make the Bush tax cuts permanent. Three, of course we have to abolish the death tax. It just isn't fair to tax people twice. Well, three times. Once, when they earn it. Second, when they invest it and pay dividends or get their dividends interest and capital gains. And then a third time when they die. Four, I proposed a savings incentive plan. And this is a plan that basically says we're going to let people of moderate income save their interest, their dividends and their capital gains tax free. No tax whatsoever on capital gains, interest and dividends. Lower marginal tax rates for all Americans. Get taxes down. Make them simpler, and flatter and lower. And finally, make our corporate tax competitive with the rest of the world. That's where I’m going. That's what I'm going to fight for." (Governor Mitt Romney, Remarks At The Club For Growth, 3/29/2007)
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