Full disclosure, my wife and I combine for about $350K, and I'm a CPA with over 10 years of experience doing tax and audit work for small to midsized businesses and high net worth individuals. I'm also currently a finance and accounting recruiter who spends most of his day talking to people looking for work and hiring managers about their needs and plans. I'm in a position to benefit nicely if Romney wins.
My opinion on the economic recovery isn't any different than anyone else - the country isn't recovering as quickly from the recession as I want. I feel like I'd vote for the Republican if they presented anyone worth voting for. But there are three major things that scare me about Mitt Romney. I'd like to know why I'm wrong about these fears.
1. His tax policy would be awful for the middle class, and I can't find any reason to feel otherwise.
He wants to repeal the AMT, but that hit mainly the very wealthy.
He wants to keep the investment income taxes at the same level, probably because the extremely wealthy are the group that benefits primarily from those rates.
He wants to eliminate investment income taxes on people under $200K, but that seems more like a token - if you don't make that much money, you don't pay a lot of taxes on investment income anyways.
He claims he wants to eliminate deductions to help offset the lost revenue, but it's the middle class and lower that takes advantage of those deductions - the wealthy are mostly phased out of them because of income level anyways. And he won't even offer ANY details about his plans in that regard.
I know he wants to reduce individual taxes across the board, but my GOD does his tax policy favor the wealthy.
With the reduced taxes that the extremely wealthy will pay, for his plan to be revenue neutral like he claims it is, it has to come from somewhere else. Where? I think middle class taxpayers who support this plan are in for a rude awakening if his tax policies are enacted.
2. Keeping money with the wealthy business owners does not necessarily equate to creating jobs.
Accounting 101 says employees are an expense to businesses. They cost the company salary and benefits, and any business has a goal to maximize profits while minimizing the cost of employees. Very few industries have employees that are revenue generators - companies hire more employees if they plan for or experience growth, not simply because they have more money. Normally, if companies have excess funds, some will find a way to invest in areas of the company that create more revenue, and SOMEIMES that leads to additional hiring. The idea that a company has excess money and that will automatically lead to hiring is ludicrous to me - it doesn't work that way. Just as often, it will just lead to more pocketed profits for investors and business owners.
3. Mitt Romney has no record of job creation
From what I understand, his record of job creation as a governor was awful, among the worst in the country during his tenure. And at Bain, under his leadership the company moved from investing in startup companies to leveraged buyouts of struggling existing companies. He'd run up debt, charge the company millions of dollars in management fees, and sell them or declare bankruptcy. Made him and his investors millions of dollars, but rarely created jobs. I don't doubt at all that he was very good at what he did, but understanding business to do what he did doesn't equate to understanding how jobs are created, at least to me. I'm sure he has a stronger business sense than Obama, but what he claims to have done and what he did are very different. He says he knows how to create jobs... based on what though?
I'll hang up and listen. I don't need to hear about Obama's failures. I get that part of it.
Steelers4LifeMember Since 14 Apr 2003
Offline Last Active May 21 2013 11:18 AM
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