Romney and Ryan’s Dangerous Tax Roadmap
Sunday, September 9, 2012 - by David Cay Johnston
Together Mitt Romney and Paul Ryan have put human faces on how the super-rich game the tax system to pay less, pay later and sometimes not pay at all. Both want to expand tax favors for the already rich, like themselves.
Their approach favors dynastic wealth with largely tax-free (Romney) or completely tax-free (Ryan) lifestyles, encouraging future generations of shiftless inheritors. What we need instead is a tax system that encourages strivers in competitive markets, not a perpetual oligarchy.
Romney and Ryan say that lowering tax rates and reducing or eliminating taxes on capital gains and dividends, while letting huge fortunes pass untaxed to heirs, will boost economic growth and mean prosperity for all.
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Romney also wants to greatly increase dynastic wealth by eliminating the estate tax, which I believe would have a devastating effect on future economic growth, entrepreneurship and social stability.
His plan would retain the gift tax, but it is already so porous that, as Reuters reported in January, the five Romney sons enjoy tax-free income from a $100 million trust fund on which no gift taxes were paid. Only about $2 million could have originally gone into the trust without triggering gift taxes.
http://www.commondreams.org/view/2012/09/09-0
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Democrats need to keep this issue front and center and keep asking RomneyRyan WHY there should be no taxes on unearned money; why shouln't it be taxed higher than money earned by work?
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