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Oct-14-2012 18:01printcomments

Romney's Tax Plan

If the capital gains taxes are eliminated, you can close every loophole and eliminate every deduction in the tax code.

Mitt Romney during the recent Presidential Debate
Mitt Romney during the recent Presidential Debate

(SAN DIEGO) - Gov. Sununu said: “President Obama should learn how to be an American.” Does he mean that Pres. Obama should learn how to launder his money through secret tax havens in the Bahamas and hide it in Swiss banks?

Gov. Romney said he would create higher paying jobs. Did Bain Capital set an example when all of the employees were fired in one company and the workers were told they can have their jobs back if they accepted a 20% cut in pay and lower benefits?

Gov. Romney said he would be compassionate toward 100% of Americans. Was he compassionate toward the employees whose jobs were outsourced overseas?

Or since these employees were now receiving unemployment benefits and not paying taxes anymore did he consider them takers now and “It is not his job to worry about them?”

Gov. Romney considers 47% of Americans as “takers” while those earning Capital Gains income as “makers”. Pat Buchanan referred to these “takers” as “parasites”. Do they realize that the capital gains money comes from the profits earned by the sweat and efforts of the middle class workers, many of whom do not make enough money to pay taxes and are therefore considered “takers”?

When these facts are taken into consideration, the “takers” are actually the “makers” and the “makers” are actually the “takers”. Should we really call any American “parasites” and still claim we believe in the “exceptionalism” of Americans?

Gov. Romney claims he will not actually cut the amount the wealthy pay in taxes because he will close the loopholes and eliminate some deductions.

If the capital gains taxes are eliminated, you can close every loophole and eliminate every deduction in the tax code and those whose income is from capital gains will not pay one cent in taxes.

If he thinks he can limit this to only those who earn less than one million dollars, for instance, these people are not fools. If they earn 12 million dollars in capital gains, they will simply split their income to 12 fictitious names in the secret tax havens in the Bahamas that they control and still not pay one cent in taxes.

Also, if he now claims that his tax plan will result in “revenue neutral” why bother with the high cost of making any change anyway?

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Edsel Chromie is a Detroit Michigan native who moved to San Diego in 1965. Edsel is a World War Two Navy veteran who served as a motor machinists mate on diesel electric systems where he learned about the magnetic field current swirling around the primary current flow through a wire as a part of Navy training to trace the direction of flow of the electricity in case of torpedo damage.

This led to Edsel's unique explanations of many phenomena of the universe. He also has four approved patents on solar energy and Sun tracking systems. Today Edsel writes about this unique set of life experiences for Salem-News.com, conveying information that seems especially relevant as nuclear disaster, potential changes in the earth's atmosphere, and what many view as an increasing level of natural disasters continue to dominate headlines. Perhaps many of the answers are on hand, yet unaccepted by the scientific community. You can write to Ed Chromie at this address: edchromie@cox.net

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Anonymous October 15, 2012 8:52 am (Pacific time)

SEE BELOW: Where is the Obama/Biden tax plan? What have they been doing the last 4 years? They controlled congress for the first 2 years. With interest the Stimulus cost us one trillion plus dollars, and other than cronies making money, and wholesale bankruptcies, what has this administration accomplished? The first Ambassador killed since the 70's just happened, and they blame it on Romney. What percentage of income did "multi-millionaire" Obama get taxed, and what did he give to the poor? Biden? Pelosi? Feinstein? John Kerry? Any other elected democrat? "Taxes, charity cost Romney 57.9 percent of income. With President Obama expected to use his second-chance debate this week to portray Mitt Romney as an uncaring rich guy, a new analysis of the GOP candidate's wealth shows that the millionaire was so generous that he kept just 42 percent of his income. His basic math for Romney's 2011 return: $18.6 million in income minus $10.8 million in taxes and charity results in a net of $7.8 million, 42.1 percent of gross. Ditto for 2010, said Marotta..." http://washingtonexaminer.com/taxes-charity-cost-romney-57.9-percent-of-income/article/2510746#.UHwQ8sXA-4d P.S. Capital Gains comes from money that was already taxed at the higher federal income rates. So if no investment is going on...where do jobs and capital improvements come from? Risk taking needs to be done if we want advancement in all areas, especially in medicine. Remember, government does not create wealth.

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