John Edwards to Multiple Choice Mittens: You Don't Need Bush's Tax Cuts

[benny05]

From the same guy who puts a dog on the top of his car and drives 300 miles or more to save money for kennel fees, Mitt Romney has decided to continue Bush's war on work and the middle class with this insightful statement from his website:

"You ought to be able to save your money and you ought to have a special tax rate ... the tax rate ought to be absolutely zero. ... going to announce today that he's in favor of a plan that let's you save $250 tax free. That's not going to pay for college, or retirement, or a car – maybe a bike..."
– Gov. Mitt Romney (Gov. Mitt Romney, Delivered Remarks, Des Moines, IA, (7/26/07)

THE ROMNEY VISION: YOU KEEP MORE OF YOUR MONEY AND ARE ENCOURAGED TO INVEST FOR YOUR FUTURE

As President, Governor Romney Would Strongly Support Lower Taxes:

Today, Governor Romney Highlighted The Difference Between His Vision For Lowering Taxes And The Democrat Plans To Raise Taxes. GOV. MITT ROMNEY: "There's a fundamental difference. Our democratic friends think that the best thing that you can do for our future is to give more money to the government. And my view is the best thing you can do economically for our future is to invest in our future by investing in enterprises... We create more economic vitality by our people investing than by having our government to do it." (Gov. Mitt Romney, Delivered Remarks, Des Moines, IA, 7/26/07)

Well, John Edwards, who has done pretty well for himself (as several of the Dem candidates have), slammed Mitt's plan to hurt the middle class by lowering taxes for the wealthy even more:

"Romney, who is worth hundreds of millions of dollars, should be ashamed for attacking my economic plan, but it's not surprising he is. I want to rewrite our tax code to make it fair and help hard-working Americans save some money to give them a better shot at the American Dream. Mitt wants to make sure that the wealthiest Americans just keep getting wealthier and let everyone else pick up the scraps. Mitt's all about more, more, more for the people who already have the most - and that's just wrong.

"The truth is Mitt Romney shouldn't pay lower taxes on the money he makes from his money than middle-class families pay on the money they make from hard work. Neither should I. We're both incredibly fortunate and we should pay our fair share.

Edwards completes the smackdown in the fight for the little guy:

"That's the big difference between people like Mitt Romney and me. Mitt Romney thinks he and his insider friends helped make America great, I think it's the hundreds of millions of Americans in the working class and middle class who make America great. It's these hard-working families who deserve a break and a chance to live the same American Dream as I have. That's what I'm fighting for, and that's what people like Mitt Romney have spent a lifetime fighting against."

http://johnedwards.com/news/press-releases/20070727-romney-attacks/



Pic: John Edwards lays out Economic and Tax Fairness agenda in Iowa, courtesy of the campaign

[dk2]

1. JRE hitting Hard!

Whoa- tax cuts - I like it! This is really hitting hard on many candidates.

Edwards must really be giving them some major heartburn!

John Edwards is the best choice for 2008.

[benny05]

2. Heartburn is right, LOL

and a few tummy aches too!

[xchrom]

3. ...

:applause: :applause: :applause:

[pioneer111]

4. The Repubs only think of the super wealthy

Edwards is right. Romney should be ashamed. Why should his secretary pay a higher rate of taxes than a multi-millionaire.???

The middle class has been taken advantage of without realizing it. Edwards is pointing this out and wants to fix it.

Yay Edwards!!!! :kick:

[Milo_Bloom]

5. Close, but no cigar

This is a good line, but his plan doesn't reflect it... ""The truth is Mitt Romney shouldn't pay lower taxes on the money he makes from his money than middle-class families pay on the money they make from hard work. Neither should I. We're both incredibly fortunate and we should pay our fair share."

This is why Edwards' campaign tires aren't hitting the road.

He wants to raise the capital gains tax to 28%, but the INCOME taxes go up to 35%

You want to fix a big part of the problem AND appeal to voters? DROP the income tax, even on the high earners, but RAISE the capital gains tax and attach it to INCOME, so people with sizeable incomes, pay a higher capital gains tax rate (up to 50%), but people with lower INCOMES will pay a lower capital gains rate, so it won't hurt the middle class families selling their home.

"rewriting" the current tax code isn't the answer, it is broken beyond repair. We need to change the way we approach taxes and set up a system that is fundamentally fair and appeals to voters on a gut level.

Edwards is ultimately for status quo, which is why all his proposals are minor tweaks to the current system.

[benny05]

6. Maybe I need a new pair of glasses or commenter does

But here's the plan:

Reversing The "War On Work"

In the past six years, George Bush has cut taxes on capital gains and dividends and started to eliminate taxes on inheritances completely. As a result of his regressive tax policies, the share of the federal tax burden borne by taxpayers in the middle and fourth quintiles is increasing by 0.5 percentage points, while the share of taxes paid by the top 1 percent fell by the same amount.

John Edwards believes that innovation and ingenuity are the engine of our economy and our tax code needs to better value and respect work. As president, he will:

* Restore Fair Taxation of Wealth: To ensure that the wealthiest Americans are paying their fair share of taxes and to reduce the economic distortions from tax shelters resulting from large capital gains preferences, Edwards will raise the top tax rate on long-term capital gains to 28 percent for the most fortunate taxpayers, the same rate signed into law by President Reagan. The 28 percent rate will ensure that high-income investors will pay taxes on their investment income at a similar rate to what regular families pay on their earned income.
* Repeal the Bush Tax Cuts for Families above $200,000: More than half of the Bush tax cuts – $132 billion – will go to the top 1 percent of taxpayers in 2010. Edwards will repeal the Bush tax cuts for the highest-income households. He will also eliminate estate taxes for the middle class, small business owners and family farmers, while keeping these taxes on the few families with large estates above $4 million in value.

Shutting Down Special Deals For Insiders:

* Declare War on Tax Havens: Declare War on Tax Havens: About $300 billion a year in taxes go unpaid, and about $1.5 trillion in personal assets of U.S. taxpayers are held offshore. These unpaid taxes increase the share of the tax burden shouldered by honest taxpayers. Edwards will end the abuse of foreign tax havens: low-tax countries that facilitate American corporations and wealthy individuals seeking to avoid U.S. taxes. He will:
o Extend the time the I.R.S. has to investigate offshore tax havens, reduce the burden of proof of foreign tax evasion, and require U.S. institutions to report the formation of offshore accounts.
o Crack down on peddlers of tax shelters by increasing penalties, prohibiting contingent fee arrangements for tax advisors, and eliminating the ability to patent tax shelters.
o Renew cooperation with other OECD countries to fight tax havens' attempts to profit by undercutting other nations' tax bases, an initiative abandoned by the Bush Administration.
o Fight the tax gap by improving I.R.S. customer service, simplifying tax filing to reduce errors, auditing more large corporations and high-income individuals and requiring more third-party reporting.
* Close the Hedge Fund and Private Equity Loopholes: Some of the most highly paid people in America are the managers of hedge funds and private equity funds, some of whom make hundreds of millions of dollars or even billions a year. Although most of their income, like other earned income, is nothing more than payment for the work they do, they pay only the 15 percent capital gains rate rather than the ordinary income tax rate. Edwards will close this loophole and also ensure that publicly traded private equity and hedge funds pay corporate taxes.
* Cap Executive Pensions: Top executives at large corporations commonly receive deferred compensation packages that allow them to put off indefinitely the payment of taxes on much of their compensation. They have in effect unlimited IRAs or 401(k)s, without the limits that apply to other workers. Edwards will limit the amount of money that can be put into these funds to $1 million a year.

Now, would you care to point out where the income tax rate would increase to 35%? Also the capital gains taxation rate at tops would be 28 percent.

http://johnedwards.com/issues/tax-reform/

[Milo_Bloom]

7. Yes, you need glasses

The current top income tax rate IS 35% (not raise to, that is where it is)

He is proposing rasing the cap gains tax to 28%.

This is still bass ackwards... status quo and favors corporations and corporate investors over hard working people.

That is why I say Edwards is a status quo candidate.

[draft_mario_cuomo]

9. Is any Democrat proposing income tax cuts for the wealthy and raising the capital gains tax to 50%?

Income tax cuts for the wealthy are irresponsible given the fiscal situation of the country and raising the capital gains tax to 50% is unrealistic. Why? One word: Congress.

[Milo_Bloom]

10. Some candidates are proposing much more radical plans

Edwards is campaigning as some type of reformer, but is ultimately just offering more of the same, status quo system that is stacked against EARNING money through work.

There is nothing that will actually provide any real help in Edwards' plan, it is just more of the same BS we have been seeing for years.

In reality congress is just as likely to raise the tax rate to 28% as 50%. They are going to fight any raise in the capital gains tax rate, unless it has overwhelming popular support.

Like most status quo tax plans, Edwards is trying the nuanced approach, instead of giving bold, new ideas that appeal to people, "$500 tax credit for investment... I will expand this tax credit in these cirumstances" Blah, blah, blah.

If he wants real popular support, explain to people how they are going to keep more of their INCOME and when they start earning BIG INCOME as everyone hopes to one day, explain to them how they will still be able to keep more of their INCOME.

[draft_mario_cuomo]

11. Such as who? Name these candidates nt

[Milo_Bloom]

12. Gravel, Ron Paul

[draft_mario_cuomo]

14. Exactly

Gravel has no chance of winning hence he has no need to consider proposing what is actually achievable. Paul is a Republican (who also has no shot at actually being elected)...

[Milo_Bloom]

17. In reality, Edwards has no chance either...

He is placing 4th behind someone who isn't even running.

So if we are judging by who has a chance, we have to take Edwards out of the discussion as well; however, we are actually just discussing his tax plan, which is just a status quo tax plan and not his viability as a candidate.

[bettync]

15. Edwards plan is well thought out.

This will work in actual practice. It does what he set out to do, and makes the tax code fair. Do not forget that the tax overhaul is only one element to increase opportunity for the working poor and middle class. There are savings and benefits in other areas, (such as Edwards universal health care plan), that work together with this tax plan to offer tremendous relief to families who are struggling.

Edwards will advance the progressive cause farther than anyone ever has, because his plans are not filled with hot air... they are filled with ideas that will work in the real world. He is a true champion of the people.

[sparkleon]

16. Edwards Plan

is a good one and will put the tax on where it should be, those making over $200K which will, by the way, include his income. Fair is fair, Edwards again leads where other's follow.

[Milo_Bloom]

18. You gotta be kidding?

How does this make the tax code FAIR?

It still favors taxing INCOME (money earned from work) over CAPITAL GAINS (money making money). It heavily favors corporations and corporate investors by taxing their earnings at a lower rate than some income levels.

This is a status quo plan that offers no real reform.

Further Edwards Universal health care plan (like his tax plan) doesn't address the actual PROBLEM (getting profit out of health care). It doesn't address insufficiencies in the insurance system.

Like his tax plan, it is just status quo presented as reform.

[Augdog20]

13. Edwards is proposing raising Capital Tax increases

:9
Edwards is proposing that we increase the Capital Gains taxes

on the super-rich, and that the taxes should be eased on the poor.

See the article in the NY Times Friday, July 27, 2007:

http://www.nytimes.com/2007/07/27/us/politics/27edwards.html?_r=1&ref=washington&oref=slogin

Highlights from the top of the Times article:

Calling the current tax code “badly out of whack,” former Senator John Edwards yesterday proposed increasing the capital gains tax on upper-income investors and using the money to provide tax-free savings accounts and expanded tax credits for lower-income workers.

In a speech in Des Moines, Mr. Edwards, a candidate for the Democratic presidential nomination, said he would “rewrite our tax code to make sure it is fair” and added that tax policy under President Bush had led to “more wealth for the wealthy and more power for the powerful.”

The Edwards campaign said his plan would raise the tax rate on capital gains, which are profits from investments, to 28 percent from the current 15 percent for taxpayers with incomes over $250,000. It would remain at 15 percent for those who earn less than $250,000.

[draft_mario_cuomo]

8. Edwards pwnd Romney nt