So now we know, Mitt Romney’s effective federal cash rate is 13.9 percent. So what has he done with his low tax rate? He says his investments have created thousands of jobs.
But if this country is to climb out of this great recession we will need millions of more jobs and, no matter what they say, those in the one percent at the top of economic ladder are not doing enough to create jobs here at home. The fact is that while most Americans have seen their incomes dwindle over the last few years, those at the top have seen their personal wealth grow by large margins. The data tells us that they are holding on to their billions and making workers cover two or three jobs, rather than adding on employees.
If middle and working class Americans were afforded the same 13.9 percent tax rate, we are sure they would spend the extra money in their pockets. They would be better able to afford new homes, new cars, new furniture, clothes, shoes, appliances, motor homes, and take more vacations, things that people in Romney’s income bracket take for granted.
A tax cut to average consumers would immediately create millions of jobs to meet the demands raised by their increase in spending.
So why not reverse the tax pyramid and have the highest one percent pay the 30 to 35 percent tax rate and the rest of Americans, the consumers, pay the 13.9 percent federal tax rate?
After all, the sale of a few more Lamborghinis cannot compare to the sale of millions of Fords, Chevrolets and Chryslers.Posted - Copyright © 2022 Eastern Group Publications, Inc.