Mitt Romney – Tax Deal is Bad

Former Massachusetts Governor Mitt Romney took a bold step and separated himself from the GOP establishment’s approval of the ‘tax deal’ now on the table in Congress.

Mitt Romney

One thing is certain: While we cannot rebuild our flawed system overnight, we are surely not required to borrow the funds to pay for it. In spending $56.5 billion to extend benefits, the deal is sacrificing the bedrock Republican principle that new expenditures be paid for with offsetting budget cuts. ~ Mitt Romney

Romney makes these points:

The summary: With the death tax a certainty, and tax extensions uncertain, Romney believes high unemployment will become a certainty.

1) The ‘tax deal’ is temporary. New businesses on the horizon will not open their doors with only two years before the massive tax hikes hit again. Businesses will not expand their business for the same reason.

2) The $1 trillion price tag will bring new borrowing, and the deficit will grow.

3) The bill hinders hiring, as the cost of payroll taxes to employers is not eliminated, increased revenue will not follow and the deficit will grow.

4) Unemployment benefits need a rework, with health savings accounts back on the horizon (which ObamaCare banishes).

5) It favors Obama and will help his re-election in 2012, yet do nothing for our future.

Romney has kept fairly quiet on the new ‘tax deal’ until now. It’s good that he has spoken-out and declared  his stance before the vote.