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Ok. I am tired of hearing about Romney's 5 point plan with lack of specifics. So I went on a manhunt and found as many specifics as I could find. If you wish to argue any of the points I have made, please provide sources citing your argument. And the sources should include details correcting my points to his points. Keep in mind that I made this as neutral as possible.
Here is Romney's plan, according to his website: Romney Program for Economic Recovery, Growth, and Jobs
I will break these down into specifics that I found with sources...
The data I found regarding his tax plan shows his policy for the first 2 economic pillars.
The Romney plan would lower federal tax liability by about $900 billion in calendar year 2015 compared with current law, roughly a 24 percent cut in total projected revenue. Relative to a current policy baseline, the reduction in liability would be about $480 billion in calendar year 2015. He will not decrease spending to the military (see Willard Mitt Romney's Political Positions). He hasn't confirmed or denied allegations that he would increase spending to the military by $2 trillion dollars.
Romney would permanently extend all the 2001 and 2003 tax cuts now scheduled to expire in 2013, repeal the AMT and certain tax provisions in the 2010 health reform legislation, and cut individual income tax rates by an additional 20 percent. He would also expand the tax base by cutting back tax preferences, but has supplied no information on which preferences would be reduced. Tax provisions in the 2009 stimulus act and subsequently extended through 2012 would expire. These include the American Opportunity tax credit for higher education, the expanded refundability of the child credit, and the expansion of the earned income tax credit (EITC). The plan would also eliminate tax on long-term capital gains, dividends, and interest income for married couples filing jointly with income under $200,000 ($100,000 for single filers and $150,000 for heads of household) and repeal the federal estate tax, while continuing the gift tax with a maximum tax rate of 35 percent.
At the corporate level, the Romney plan would make two major changes: 1) reduce the corporate income tax rate from 35 to 25 percent and 2) make the research and experimentation credit permanent, It would also extend for one year the full expensing of capital expenditures and allow a “tax holiday” for the repatriation of corporate profits held overseas. The plan does not specify, however, whether repatriated earnings would face any tax and, if so, at what rate. In the longer run, Gov. Romney would reduce the corporate rate further in conjunction with base broadening and simplification and would move the corporate tax to a territorial system.
Romney would also permanently repeal the 0.9 percent tax on wages and the 3.8 percent tax on investment income of high-income individual taxpayers that were imposed by the 2010 health reform legislation and are scheduled to take effect in 2013.
Compared with the current law baseline, the Romney plan (absent base broadening) would cut taxes for about three-fourths of taxpayers by an average of more than $7,000. In contrast, compared with current policy, about 11 percent of tax units would see their 2015 taxes go up an average of nearly $900 while 70 percent would get tax cuts averaging almost $4,300.
See The Romney Plan (Updated)
Using 2010 data as a model, Kaiser’s study found that among seniors who chose to remain in traditional Medicare, more than half would have paid higher premiums. Just under half would have paid the same. That would have yielded an average premium hike of $720 annually for seniors who chose to remain in traditional Medicare.
Among seniors with private Medicare Advantage plans, 88 percent would have paid higher premiums unless they switched to a cheaper plan with less generous benefits. On average, seniors already in private plans would have paid $1,044 more annually, according to the study.
Taken together, 59 percent of Medicare beneficiaries would have ended up paying higher premiums than they do in the current system if they remained in their current plan.
The caveats: the report makes clear that it’s not a perfect analysis of the Romney-Ryan plan. That’s in part because the Romney-Ryan would take effect in 2023, whereas Kaiser’s report studies the impact of such a plan taking effect in 2010. It’s also because Romney and Ryan haven’t provided enough details to conduct a truly thoroughgoing analysis.
See: Medicare Vouchers Would Raise Costs For Most Seniors, Study Finds
The United States is already shrinking its imports of oil and gas. It’s unclear how much Romney’s plan would accelerate the process. Romney’s alternative appears to be largely based on a Citigroup report (pdf) that suggests the United States could boost its oil production further still, through a combination of pared-back regulations and advances in drilling technology. It’s worth noting, however, that Citigroup’s bullish forecast relies on some events that may not come to pass — such as California agreeing to open up its considerable oil resources in the Monterey shale for drilling.
Romney has previously said he would overturn the Corporate Average Fuel Economy rules. That’s a big asterisk in his plan.
More drilling could create jobs — though Romney’s claims may be oversold. According to estimates from IHS CERA, some 600,000 people were employed in U.S. shale production in 2010. And Citigroup’s Daniel Ahn has estimated that, in the long term, increased oil and gas production could boost U.S. GDP by 3 percent. That’s a significant economic bump.
But Romney’s claims that energy independence would create 3.6 million jobs requires some context. For one, other estimates have shown lower numbers. What’s more, as Michael Levi has noted, in a normally functioning economy, an oil boom isn’t likely to alter the unemployment rate, which depends on other structural factors. “Unless the U.S. economy remains deep in the doldrums for another decade,” Levi argues, “these [3.6 million jobs] will mostly come at the expense of jobs elsewhere.”
See: Five things to know about Mitt Romney’s energy plan
I can understand why Romney wants to repeal the Dodd-Frank Act. Especially when it comes to this: Section 922 of the Dodd-Frank Act requires the SEC to establish a new whistleblower program that will pay awards, subject to certain limitations and conditions, to whistleblowers that voluntarily provide the SEC with information about violations of securities laws that lead to a successful enforcement action resulting in monetary sanctions exceeding $1 million. By statute, whistleblowers are entitled to receive anywhere between 10% to 30% of total monetary sanctions recovered. Section 922 of the Dodd-Frank Act, also provides protection to whistleblowers by prohibiting retaliation by employers against individuals who provide information regarding potential securities violations to the SEC.
See: Dodd-Frank: Final Whistleblower Provisions Take Effect August 12th Is Your Company Ready?
Romney will repeal the Patient Protection and Affordable Care Act. His healthcare plan follows in the next post...
Here is Romney's plan, according to his website: Romney Program for Economic Recovery, Growth, and Jobs
I will break these down into specifics that I found with sources...
The data I found regarding his tax plan shows his policy for the first 2 economic pillars.
The Romney plan would lower federal tax liability by about $900 billion in calendar year 2015 compared with current law, roughly a 24 percent cut in total projected revenue. Relative to a current policy baseline, the reduction in liability would be about $480 billion in calendar year 2015. He will not decrease spending to the military (see Willard Mitt Romney's Political Positions). He hasn't confirmed or denied allegations that he would increase spending to the military by $2 trillion dollars.
Romney would permanently extend all the 2001 and 2003 tax cuts now scheduled to expire in 2013, repeal the AMT and certain tax provisions in the 2010 health reform legislation, and cut individual income tax rates by an additional 20 percent. He would also expand the tax base by cutting back tax preferences, but has supplied no information on which preferences would be reduced. Tax provisions in the 2009 stimulus act and subsequently extended through 2012 would expire. These include the American Opportunity tax credit for higher education, the expanded refundability of the child credit, and the expansion of the earned income tax credit (EITC). The plan would also eliminate tax on long-term capital gains, dividends, and interest income for married couples filing jointly with income under $200,000 ($100,000 for single filers and $150,000 for heads of household) and repeal the federal estate tax, while continuing the gift tax with a maximum tax rate of 35 percent.
At the corporate level, the Romney plan would make two major changes: 1) reduce the corporate income tax rate from 35 to 25 percent and 2) make the research and experimentation credit permanent, It would also extend for one year the full expensing of capital expenditures and allow a “tax holiday” for the repatriation of corporate profits held overseas. The plan does not specify, however, whether repatriated earnings would face any tax and, if so, at what rate. In the longer run, Gov. Romney would reduce the corporate rate further in conjunction with base broadening and simplification and would move the corporate tax to a territorial system.
Romney would also permanently repeal the 0.9 percent tax on wages and the 3.8 percent tax on investment income of high-income individual taxpayers that were imposed by the 2010 health reform legislation and are scheduled to take effect in 2013.
Compared with the current law baseline, the Romney plan (absent base broadening) would cut taxes for about three-fourths of taxpayers by an average of more than $7,000. In contrast, compared with current policy, about 11 percent of tax units would see their 2015 taxes go up an average of nearly $900 while 70 percent would get tax cuts averaging almost $4,300.
See The Romney Plan (Updated)
Using 2010 data as a model, Kaiser’s study found that among seniors who chose to remain in traditional Medicare, more than half would have paid higher premiums. Just under half would have paid the same. That would have yielded an average premium hike of $720 annually for seniors who chose to remain in traditional Medicare.
Among seniors with private Medicare Advantage plans, 88 percent would have paid higher premiums unless they switched to a cheaper plan with less generous benefits. On average, seniors already in private plans would have paid $1,044 more annually, according to the study.
Taken together, 59 percent of Medicare beneficiaries would have ended up paying higher premiums than they do in the current system if they remained in their current plan.
The caveats: the report makes clear that it’s not a perfect analysis of the Romney-Ryan plan. That’s in part because the Romney-Ryan would take effect in 2023, whereas Kaiser’s report studies the impact of such a plan taking effect in 2010. It’s also because Romney and Ryan haven’t provided enough details to conduct a truly thoroughgoing analysis.
See: Medicare Vouchers Would Raise Costs For Most Seniors, Study Finds
The United States is already shrinking its imports of oil and gas. It’s unclear how much Romney’s plan would accelerate the process. Romney’s alternative appears to be largely based on a Citigroup report (pdf) that suggests the United States could boost its oil production further still, through a combination of pared-back regulations and advances in drilling technology. It’s worth noting, however, that Citigroup’s bullish forecast relies on some events that may not come to pass — such as California agreeing to open up its considerable oil resources in the Monterey shale for drilling.
Romney has previously said he would overturn the Corporate Average Fuel Economy rules. That’s a big asterisk in his plan.
More drilling could create jobs — though Romney’s claims may be oversold. According to estimates from IHS CERA, some 600,000 people were employed in U.S. shale production in 2010. And Citigroup’s Daniel Ahn has estimated that, in the long term, increased oil and gas production could boost U.S. GDP by 3 percent. That’s a significant economic bump.
But Romney’s claims that energy independence would create 3.6 million jobs requires some context. For one, other estimates have shown lower numbers. What’s more, as Michael Levi has noted, in a normally functioning economy, an oil boom isn’t likely to alter the unemployment rate, which depends on other structural factors. “Unless the U.S. economy remains deep in the doldrums for another decade,” Levi argues, “these [3.6 million jobs] will mostly come at the expense of jobs elsewhere.”
See: Five things to know about Mitt Romney’s energy plan
I can understand why Romney wants to repeal the Dodd-Frank Act. Especially when it comes to this: Section 922 of the Dodd-Frank Act requires the SEC to establish a new whistleblower program that will pay awards, subject to certain limitations and conditions, to whistleblowers that voluntarily provide the SEC with information about violations of securities laws that lead to a successful enforcement action resulting in monetary sanctions exceeding $1 million. By statute, whistleblowers are entitled to receive anywhere between 10% to 30% of total monetary sanctions recovered. Section 922 of the Dodd-Frank Act, also provides protection to whistleblowers by prohibiting retaliation by employers against individuals who provide information regarding potential securities violations to the SEC.
See: Dodd-Frank: Final Whistleblower Provisions Take Effect August 12th Is Your Company Ready?
Romney will repeal the Patient Protection and Affordable Care Act. His healthcare plan follows in the next post...
