I recently read an article in which Mitt Romney touts himself as the tax simplifier and only hope for America. Out of all the puffery and rhetoric put forth by him and his campaign two so-called ideas stood out ; 1. Do away with the inheritance or estate tax. 2. Give the middle and lower income families larger tax break for investment income. Let us take a look at these two supposed plans to safe us all.
First his plan do away with the inheritance or estate tax. Who is really benefited by this idea, Donald Trump’s kids or Joe the Plummer’s family? The heir to a multi-million dollar mansion, tennis court and horse stable included or the family who inherits a two-bedroom house sitting on a 1 acre lot?
Second his idea of giving the middle and lower income families larger tax break for investment income. This is the most laughable idea of them all. How many middle and lower income households have enough disposable income to take a gamble and invest in the market or other risky venture? Perhaps this is only an idea in which can and will lead to expand and or increase the tax breaks the upper crust of society all ready holds under the Bush Tax system.
However Mitt Romney’s self-imposed title of the Tax Simplifier leaves a bad taste in one’s mouth in light with his refusal to show the public his tax returns and his shipping off of his millions to foreign and offshore banks, all in order to skate our tax laws. “Tax Simplifier” yea right. Perhaps what he really means that he will simplify our tax system so he and his 1 percenters buddies can more easily escape having to pay their fair share.