San Jose, CA — After the tax return offer that was declined by the Romney-Ryan ticket, the Obama camp is back on full “attack mode” and is relentlessly using the Ryan tax plan to emphasize on how GOP Presidential candidate Mitt Romney will benefit from all of these. And the demagoguery rages on…
President Barack Obama swung over to New Hampshire for his election campaign Saturday and he went straight for kill, criticizing Republican Vice Presidential candidate Paul Ryan’s proposed Tax Reform Program.
The Representative from the 1st Congressional District of Wisconsin is noted for coming up with the “Roadmap to America’s Future” which hopes to discard a complex, manipulative tax code system and instead replace it with a simpler mechanism which in turn will bolster investments, jobs, and savings according to the Republicans.
But there are several ways to look at the said proposed tax reforms and for the Democratic Party, these reforms will be for the benefit of Mitt Romney. As it is, the presumptive GOP Presidential candidate is already enjoying a lower tax rate than the regular middle class Joe and Jane because the income that he is being taxed on is from his investments and not his actual salary. A loophole exploited by the rich because taxes on investments have a lower rate than the tax for traditional income.
According to Obama, if Ryan’s tax plan sees the light of day, Mitt Romney will only pay less than 1% per year on taxes because the plan would get rid of taxes imposed on capital gains, interests, dividends, alternative minimum tax, estate tax and best of all abolish corporate income tax.
Quoting the Big-O, “That’s a pretty good deal, just paying 1 percent in taxes; you’re making millions of dollars.” He added, “Now, here’s the kicker: They expect you to pick up the tab.” And the crowd booed.
The last part of the comment refers to the effect when the capital gains, alternative minimum tax, interest income, and dividend income taxes are abolished which will affect the tax rates of everybody else — for joint filers whose incomes falls under $100,000 per annum will be imposed a 10% tax rate and the rest will have 25%.
Obama further worked up the crowd by stating, “…so you can tell them if you think this is fair. And you should ask them: ‘How do you think that’s gonna grow the economy again? How is that gonna strengthen the middle class?”
Clearly, the Obama campaign is cutting and dicing up the Romney-Ryan ticket on tax issues, especially, that Romney is adamant in keeping his past tax returns a secret and Ryan coming up with tax policies/reforms that may not be everyone’s good.
Romney’s rebuttal on Obama’s accusation was that the President was doing using demagoguery again by attacking him through false claims.
Ryan Williams, Romney campaign spokesperson stated, “The fact is, President Obama wants to raise taxes on private investment and job creators, which will lead to higher unemployment and fewer jobs. The Romney-Ryan Plan eliminates taxes for the middle class on interest, dividends, and capital gains and implements pro-growth policies to deliver more jobs and more take-home pay for middle-class families.”
The President further attacked the Republican ticket by criticizing the Romney-Ryan Medicare plan. According to Obama, the Republican’s Medicare plan would cost senior citizens an additional $6400 for health care.
Ever since Ryan became the vice presidential choice for the Republican Party, the Democrats are using Medicare and tax issues as ammunition to annihilate the opposition.
There is an irony to this though, back when Romney ran for senator against Ted Kennedy, Romney used tax as a weapon against Kennedy stating, “It is time that the biggest taxing senator in Washington show the people of Massachusetts how much he pays in taxes.”
When he ran for governor in 2002 against Shannon O’Brien he also used taxes as a weapon. He stated, “Her hands aren’t clean, she can’t claim to be disclosing anything until she discloses the returns of her husband, the Enron lobbyist. What is she hiding?”
And now that he is running for President and is being questioned about his taxes, all he can say is, “The fascination with the taxes I paid, I find to be very small-minded.”