Mitt Romney Economic Adviser Calls For Raising Taxes On The Rich, Contradicting Entir

Crabtownboy · Nov 14, 2012

Finally some sanity from the Romney advisers ... a little late, but better late than never. Obviously they knew this all along, but were playing politics. I expect if Romney had been elected he would have proposed raising taxes on the wealthy. He had no qualms about switching sides often during the campaign.

I do not subscribe to the Financial Times[/], so I cannot link to the original article.

Mitt Romney's former economic adviser Glenn Hubbard published an op-ed in the Financial Times Tuesday calling for higher tax rates on the wealthy and urging Republicans to outline specific spending cuts rather than vague across-the-board reductions in government spending. Hubbard's comments are noteworthy because Romney resisted both policies during his run for the presidency.

"What should those negotiating the fiscal cliff do?" Hubbard wrote. "The first step is to raise average (not marginal) tax rates on upper-income taxpayers. Revenue increases should first come from these individuals. This means closing loopholes ... Republicans cannot argue for low tax rates without being clear about where [spending] cuts must come from."

http://www.huffingtonpost.com/2012/...nn-hubbard_n_2124160.html?utm_hp_ref=politics
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...The first step is to raise average (not marginal) tax rates on upper-income taxpayers. Revenue increases should first come from these individuals. This means closing loopholes. For instance, the Bowles-Simpson commission, which Mr Obama established, has proposed limiting tax preference benefits for upper-income households. Also, Martin Feldstein of Harvard University and Maya MacGuineas of the Committee for a Responsible Federal Budget have suggested caps on the amount of deductions relative to a taxpayer’s income. These ideas are good places to begin.

Read more: http://www.businessinsider.com/glenn-hubbard-fiscal-cliff-proposal-2012-11#ixzz2CBW8yiVg
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billwald · Nov 14, 2012

Why average and not marginal tax rate? The whatevertheycallit minimum tax which is scheduled to be imposed on most working families would be extended? Starting at what income level?

exscentric · Nov 14, 2012

"He had no qualms about switching sides often during the campaign."

Could be true and often enough said, but in all the months of the circus did I see any listing of all these changes.

Ex may be significant in the "adviser" that proves Romney changed his mind????

It was all Symantecs anyway. What is the difference whether you raise something (taxes) or change the way you figure something (loopholes) to raise it. It means more money out of the guys pocket that made it going to the guys that have their hands in the rich guys pockets. No matter how you cut it it is big government taking from the rich and giving to the poor only they ain't no Robin Hoods - there isn't anything birdie about any politician.

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