While I could write much regarding the comment and sentiments expressed by Willard Mitt Romney in the recently released candid video where he dismisses 47% of Americans as Freeloaders who simply want the Government to take care of them using money accumulated by the richest among us. I will simply post a set of links from others who have researched this topic and speak with more authority on this issue than I ever could.
Misconceptions and Realities About Who Pays Taxes - 2012 Center on Budget and Policy Priorities
"In 2009, two factors combined to cause a large, temporary spike in the share of Americans with no net federal income tax liability â€” the recession, which reduced many peopleâ€™s incomes, and several temporary tax cuts that have since expired."
Debunking Romney's attack on Americans who don't pay income taxes - Los Angeles Times
"The truth is that the vast majority are people who are working or who have worked in the past. Their ranks include millions of Americans who are now retired, living on Social Security and Medicarebenefits they paid for throughout their working lives. Many others are those who were booted into culverts by the economic crisis and are today struggling to get back on the road."
Who Doesnâ€™t Pay Federal Taxes? - The New York Times Company
"Among those who made enough to file a tax return, 35 percent did not have to pay federal income tax because of credits or deductions. Some of the highest percentages were in conservative states with high poverty rates."
"Amid complaints that nearly half of tax filers in the U.S. won't pay federal income taxes this year, this has been lost: Those making $75,000-$100,000 a year are the fastest-growing share of people who don't pay federal income taxes."
Romneyâ€™s 47% Comments Show Gap From Bush-Era Republicans - Bloomberg News
"Republicans backed refundable tax credits and expanded entitlement programs under George W. Bush. Now they want to curtail entitlements and express concern that not enough people are paying taxes. The working people who donâ€™t pay income tax, that is by and large the result of Republican policies,â€ said Michael Linden, director of tax and budget policy at the Center for American Progress."
Dependency and Romneyâ€™s 47 Percenters - factcheck.org
"Mitt Romney was wrong when he said the 47 percent of Americans who pay no federal income taxes are â€œdependent on the government.â€ Most of them are working people who simply do not earn very much money. In fact, a healthy chunk of the 47 percent are seniors who tend to vote Republican. According to the Tax Policy Center, about half of those who owe no federal income tax are people whose incomes are so low that when standard income tax provisions â€” personal exemptions for taxpayers and dependents and the standard deduction â€” are factored in, that simply leaves no income to be taxed. Those are people who earned less than about $27,000.
Most of them are older people on Social Security whose adjusted gross income is less than $25,000. The child tax credit, Republican President Ronald Reagan once praised it as â€œone of the best antipoverty programs this countryâ€™s ever seen.â€ As a result of various tax expenditures, about two thirds of households with children making between $40,000 and $50,000 owed no federal income taxes. The rest ended up owing no federal income tax due to various tax expenditures such as education credits, itemized deductions or reduced rates on capital gains and dividends. Most of this group are in the middle to upper income brackets. In fact, the TPC estimates there are about 7,000 families and individuals who earn $1 million a year or more and still pay no federal income tax. According to the most recent Gallup polls of registered voters, 37 percent of those making less than $36,000 a year indicate they plan to vote for Romney. Moreover, as we noted earlier, a sizable chunk of 46.4 percenters are retirees, and among those 65 and older."
So, with all the above information I've Gathered, I must return to my original question:
Â Are YOU one of the 47% Willard Mitt Romney doesn't care about ?
I believe the reason Willard Mitt Romney has not come out with any specifics regarding his plans for reducing government spending and raising revenue is that he plans to increase taxes upon ALL the above meantioned groups while reducing taxes and regulations upon the very wealthy in our country.
I believe Willard Mitt Romney plans on balancing out his percieved inequality of the Federal tax burden by eliminating items such as the refundable tax credits, entitlement programs, personal exemptions for taxpayers and dependents, standard deductions, The child tax credit, education credits, itemized deductions, mortgage interest deductions, Social Security and Medicare. ALL of which would have a devastating effect upon the lives of the average citizen.
He wouldn't ever consider Eliminating Tax Subsidies for Oil Companies which allow for items such as the Intangible drilling costs tax credit that allows Oil & Gas companies to receive a 100% write-off of ALL expenditures related to exploration and development of wells and delivery pipelines. These costs include wages, fuel, repairs, hauling, and supplies related to and necessary for drilling and preparing wells for the production of oil and gas. As well as many more tax credits specifically for this one industry which we all know does not need the Federal Governments assistance.
Another issue which Willard Mitt Romney would never consider is: Where federal taxes are raised and spent. "From 1990 to 2009, the federal government spent $1.44 trillion in Virginia but collected less than $850 billion in taxes, a gap of over $590 billion." Every State in this Federal Republic can not balance their State budgets without Federal financial support. The most greedy of States happen to be run by Republican Governors. If the Federal Government were to return the same amount of money as is taken in from Federal Taxes to each State and demand the States live within their own means, even if that meant raising State Income taxes or in some States cases actually implimenting a State Tax which does not exist today. I believe the Federal Government would not be in this financial crisis we find ourselves in at this time.
A third issue is spending on the Military and paying for ALL Wars without borrowing the money as did the Bush Administration for both wars in Afghanistan & Iraq. Our Budget would look very different and it would not be so easy to go to war, without the whole country equally sharing in the sacrifice. Today the US Military proposed their budget and Republicans have doubled the amount asked for because unneccessary military equipment supports various local economies and BIG Military Industrial industries.
"These Republican politicians are trying to fund Cold War-era weapons that our military doesn't want and that have been dismissed as outdated and unnecessary by the top brass â€” leaders like Gen. James Cartwright, the retired vice chairman of the Joint Chiefs of Staff and a former commander of the country's nuclear forces."
There are many ways to balance our Federal Spending, most of which does not force the burden upon the least among us.