Free «Mitt Romney and Barrack Obama Economical Plan» Essay
The United States is going through rough times when the great recession started to happen and now during the presidential elections candidates Barack Obama and Mitt Romney have plans to get the country out of this recession.
President Obama kind of had a lot of criticism because most people did not know what his economical plan was to overcome the global recession. However, the plan was on the Whitehouse’s blueprint and the plan is divided into 19 steps. First, by implementing the Buffet rule which mandates whoever earns one million dollars a year is subject to income tax at the rate of 30% on his income. This would assist in reducing the deficit. This would be achieved through limiting the degree to which the wealthy can take advantage of loopholes in the tax system to prevent government from receiving income as eel as ensuring the rich contribute an equal share as common citizens (Hackbarth).
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Another step would be by lowering the tax rates for middle-income families and corporations to make the Bush tax break introduced in 2001 and 2003 permanent for middle-incomes households. Moreover, the move would lower the corporations’ taxes by less thirty five percent. However, President Obama did not specifically address the issue of how the government specifically intends to approach this issue in order to achieve this goal. No doubt one of the president’s plans is to simplify the tax system and consolidate the tax brackets; the idea is to decrease the six brackets to simplify the system even more. The Republicans’ favor this idea; however, there were no details on how the Obama administration would decrease the tax brackets.
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The elimination of unfair tax breaks is a discussed frequently issue by the American people. President Obama is trying to address this by targeting the specific people that try to take advantage of some tax loopholes and play the system. These groups of people enjoy tax preferences for high-income households, special tax breaks for oil and gas companies, tax incentives for investment fund managers and benefits for corporate jet owners. The other step would be to allow two tax cuts to expire in order to cut the deficit through two steps. The first step would be to remove the tax cut for single unmarried people that make more than two hundred thousand a year. The second would be to expire the tax cut for married couples that make more than two hundred and fifty thousand a year. The later step would cut the deficit by 1.5 trillion dollars over the next ten years. Another element on Obama’s plan is the implementation tax credits for companies that bring jobs back to the U.S. This would allow the company to receive a twenty percent tax reprieve on their expenses if they relocated their plant back to the U.S.
The Administration intends to offer tax incentives to manufacturers to expand their domestic production. This would mean no more credit applications for companies that produce oil. These companies would utilize these savings to expand the current deduction for manufacturing companies, including an18% credit for firms involved in advanced manufacturing. This plan would save 15 million in tax credit in manufacturing domestic production. Another way to help the economy is by closing loopholes for companies that shift their profits overseas and creating new tax credits for small businesses that hire employees and give raises. In addition, Obama intends to ease the load on private investors’ back and support public offerings to achieve high growth potentials.
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Finally, this was the highlight of Obama’s economical plan that he believes will end this recession in the long run and hopefully achieve higher growth in the United States.
Mitt Romney is the 70th Governor of Massachusetts and a candidate in the 2012 Presidential elections. Romney disagreed with Obama on most of his policies and had a different economical plan that he believed would realize a comeback from the recession.
Romney’s economical plan consists of multiple theories. First was to keep Bush’s tax cuts on individual’s income. Secondly was to maintain current tax rates on interest, dividends, and capital gains. Moreover, Romney would exclude taxes on interest, surpluses, and capital gains for taxpayers with adjusted gross income below two hundred thousand dollars. Nevertheless Romney wants to eliminate estate taxes arguing that people should not pay taxes twice on the same income. Another idea was the deduction of the corporate income tax rate by twenty five percent (Klein).
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However one of his strongest allocations is to stand up to China by giving more money to the customs and border patrol to prevent illegal Chinese products from entering the country. In addition to that, he would introduce sanctions to deter unfair Chinese practices, and designate China a currency manipulator and impose countervailing duties. He also proposes that the government should stop buying product from China until China commits to the GPA.
In short, Romney’s ideas are to cut down by restructuring Medicaid by giving money to State governments as they are closer to address the individuals who need medical care. Apart from that he would align the salaries and benefits of government workers with the rates of the market. Cap federal spending by twenty percent of GDP is also one of Romney’s ideas to gain future economic balance.
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In my opinion, I think neither Obama nor Romney is right or wrong as they both have reasonable economical theories. Only time will tell on whether the theories would achieve economic stability to the country’s GDP, ensure its growth and realize an end to the recession.