Sign in | Register now | Like us on FacebookLike Us | Follow us on TwitterFollow Us

Milwaukee's Daily Magazine for Wednesday, Sept. 17, 2014

Wed
Hi: 67
Lo: 51
Thu
Hi: 59
Lo: 51
Fri
Hi: 70
Lo: 62
Advertise on OnMilwaukee.com

Readers Blog

Half a Nation of Victims

"There are 47% of the people who will vote for the President no matter what.....who are dependent on government, who believe they are victims...47% of Americans pay no income tax." Mitt Romney (1)

If Romney is right, all Obama needs to win a 51% share of the popular vote is to  gain the support of  about 4%  of people who do pay federal income tax. With a mere 10% of taxpayers, Obama  gets a  57%  landslide victory!

The good news for Romney is that about a third of voters earning less than $24,000 per year are for Romney, and  he  leads among voters over 65,  most of whom rely on Social Security  for their income.  Since all workers pay FICA   (Social Security) tax, only about  18% of households pay no federal tax at  all (2).    

The question  is, "What would Romney, as president, do about  it?"

He has proposed a 20% tax cut for all Americans, which would reduce federal revenues about 20%, but  he would make up for the loss by "closing loopholes", which means  ending deductions.  He has refused to disclose  which deductions to end before the election, so as not to lose the votes of those who now take these deductions.  If Romney wins the presidency, it is extremely unlikely that any loopholes will be closed, since doing so would raise taxes on some people, and most Republican congressmen have signed a pledge not to raise taxes under any circumstances, which would include a Romney victory.   

 So, the most likely  fiscal consequence of  Mitt Romney  becoming President ( as  improbable as that would be,  using  his own estimate of Obama's base of support)  is that the tax cuts would pass and  the loopholes would remain, so  federal revenues would drop.  He would try to compensate for this decline in revenue by  reducing   funding for programs that encourage recipients to stay dependent upon government, such as  Social Security, Medicare, Medicaid. food stamps and the like.   If the GOP wins control of both houses of Congress in November, these cuts may pass, although  even some Republicans may balk at cutting Social Security and Medicare,  both of which are very important to large groups of  senior voters.

Although the quote cited above was  not from a public speech, but a private  meeting with big donors,  it is good that  we  now have an unscripted look at how Mitt Romney really feels about  government programs and those who  depend upon them.  Even without intending to do so, he may  have helped  his prediction of Obama's  vote come true.

Gerald S Glazer

---------------------------------------------------------------------------------------------

(1) Milwaukee Journal Sentinel, Sept. 19, 2012, page 16A  (from Mother Jones magazine.) 

(2) Christian Schneider, same issue, page 17A. 

 

Disclaimer: The opinions expressed in this and other user-submitted content do not necessarily reflect the views and opinions of OnMilwaukee.com, its staff, its advertisers and/or its partners. This user-submitted content has not been checked for factual accuracy, and any photos uploaded have not be verified to be copyright-free. It is the user's responsibility to post text and/or photos that belong to that user and do not violate any copyright or intellectual property laws. If you feel this content is abusive, offensive or otherwise inappropriate, click to report and we will review this blog entry.

Rate this:
  • Average rating: 0.0
  • 1
  • 2
  • 3
  • 4
  • 5

Talkbacks

solitarius | Sept. 21, 2012 at 12:21 p.m. (report)

One more thing.

The only plan Obama has presented to reduce the deficit is to allow the Bush tax cuts to end for those making over $250,00 per year. It has been estimated that this will amount to an increase in tax revenues of 85 billion but let's round it up to 100 billion and give Obama the benefit. So let's do the math and see how effective that will be to reduce the deficit.

Obama has increased the deficit 5 trillion in 4 years or 1.25 trilion per year. Therefore, according to Obama himself, his plan will reduce the deficit to 1.15 trillion per year. So after four more years of Obama the deficit will be
$20, 600, 000, 000, 000 or about $70,000 per individual.

This is the gift that Mr Glazer's choice for president plans to give to his grand children.

Congratulations

Rate this:
  • Average rating: 0.0
  • 1
  • 2
  • 3
  • 4
  • 5

solitarius | Sept. 19, 2012 at 7:39 p.m. (report)

First of all not all citizens vote. So if 47% of the electorate vote against Romney that is not 47% of the voters that is 47% of the voting public which is about 38% or about 18% of the population. With better turnout for Republicans and winning the undecideds, Romney has a very good chance of winning even if he loses 47% of the public.

Secondly, as Mr Glazer points out Romney intends to have EQUAL tax cuts for everyone, what can be more fair than that? All the rest of Mr Glazer's article is pure hypothesis and guesswork so there is no need to comment.

What Mr Glazer forgot to mention is Obama's plan. Obama plans to continue his deficit spending so that it has been projected that at this rate, which he has no intentions of reducing, the deficity which is now $16,000,000,000,000 will rise to close to $30,000,000,000,000 or about $100,000 per individual or about $250,000 per family in 10 years.

There is no amount of money by the rich to pay down our debt. If you took all the assets of all of the top 10% of earners in the USA it would amount to about 1 years worth of Obama deficits or about 1.5 trillion. But if you took all of their assets in year one, where would you get any money to pay for Obama budget next year and the year after that?

Voting for Obama guarantees fiscal callpse, like Greece, if you vote for Romney we still might default but at least he sees and understands the problem and will try to solve it. In addition of course Romney is a business man whose job was to make insolvent companies solvent so there is no one more qualified than Romney to solve the insolvent state of the USA.

If the USA neded community organizing Obama would be the answer, but it doesn't and he isn't.

Rate this:
  • Average rating: 0.0
  • 1
  • 2
  • 3
  • 4
  • 5
Post your comment/review now 2 comments about this blog.
Post your comment/review now

Facebook comments

Disclaimer: Please note that Facebook comments are posted through Facebook and cannot be approved, edited or declined by OnMilwaukee.com. The opinions expressed in Facebook comments do not necessarily reflect those of OnMilwaukee.com or its staff.