Wednesday, January 11, 2012

Tax Plan?

Mitt Romney's tax plan has been analyzed and it provides big rewards for millionaires. 


Mitt Romney’s tax plan would cut taxes for fewer than half of U.S. households, with the wealthy getting most of the benefits, according to an independent analysis released Thursday.

Some taxpayers at the lower end of the scale - those who make less than $40,000 a year - could pay more taxes under Romney’s plan.

Under the presumption that the Bush-era tax reductions are extended - as Romney has proposed - nearly all Americans who make more than $1 million would get tax cuts that average $150,000, the review by the nonpartisan Tax Policy Center found....

Isn't that incredible?  Romney would be rewarding the same people that George W. Bush did---fat cat millionaires would get richer!!!

>> In 2010, Mitt Romney shared his idea of "creative destruction" in a talk he gave at Emory University in Georgia. You can find information about how Romney defended taking over companies and firing people at this Emory University link.

***  Romney continues to get money from Bain even though he left the company, according to the NY Times:

....In what would be the final deal of his private equity career, he negotiated a retirement agreement with his former partners that has paid him a share of Bain’s profits ever since, bringing the Romney family millions of dollars in income each year and bolstering the fortune that has helped finance Mr. Romney’s political aspirations.... 

...Though Mr. Romney left Bain in early 1999, he received a share of the corporate buyout and investment profits enjoyed by partners from all Bain deals through February 2009: four global buyout funds and 18 other funds, more than twice as many over all as Mr. Romney had a share of the year he left. He was also given the right to invest his own money alongside his former partners. Because some of the funds and deals covered by Mr. Romney’s agreement will not fully wind down for several years, Mr. Romney is still entitled to a share of some of Bain’s profits....

.....One lucrative deal for Bain involved KB Toys, a company based in Pittsfield, Mass., which one of the firm’s partnerships bought in 2000. Three years later, when Mr. Romney was the governor of Massachusetts, the company began closing stores and laying off thousands of employees. More recently, Bain helped lead the private equity purchase of Clear Channel Communications, the nation’s largest radio station operator, which resulted in the loss of 2,500 jobs.....

This is an awful way to make money.  Taking over a business, bleeding it dry of its assets, firing people, destroying families and communities, and then making huge profits is a prime example of greed.