Even at 15 percent, the rich will pay more. For argument’s sake, someone who earns $100,000 would pay $15,000 in taxes, while someone who makes $100 million would pay $15 million. Delicate calculations confirm that $15 million exceeds $15,000. The rich will pay more dollars in taxes, but as a proportion of income equal with everyone else. Hello, “fair share.”
Gingrich also would chop America’s corporate tax from 35 percent (the industrial world’s second highest, after Japan’s) to a flat 12.5 percent, which would tie Ireland’s as the lowest and most competitive among developed nations. Coupled with immediate, 100 percent expensing of capital purchases, such a stimulus would unleash dramatic economic expansion — rather than the Obama-style “stimulus” that yields bankruptcies, layoffs, and FBI raids.
Compared to Gingrich’s gutsy blueprint, Romney’s exhibits the caution that has made the former Massachusetts governor the “Oh, well, if we must” choice, even among his supporters.
While Romney would ditch the death tax and cut the corporate tax to 25 percent, he would preserve today’s income-tax rates. He would scrap taxes on interest, capital gain, and dividends, but — echoing Obama — only for those making less than $200,000. – [Political Arena Editor Chuck Norton – the vast majority of those who make over $200,000 in what the IRS calls “earned income” are small and medium sized businesses. Mitt’s plan is so mild that it cannot do the economic heavy lifting to get us out of this morass. Speaking in economic terms, Obama’s plan is an economy killing machine and Mitt Romney’s is only marginally better.]