Thoughts on Romney, Gift Tax
I’m supporting Mitt Romney because I believe he has the executive experience necessary to lead our country. He has proven himself as a successful entrepreneur in the private sector, as CEO of the 2002 Winter Olympics, and as Governor of Massachusetts (better known as Taxachusetts to conservatives), among other strong credentials.
Romney wants to eliminate taxes on savings interest, investment income, and dying (the death tax). I believe that this is only fair and right, because, after all, the whole point of saving and investing money is to build our wealth so that we can live a better life than before. Why should we be punished for that? And why should we be punished for dying, something that is out of our control?
Despite my full support for Romney though, I wish that he would call for the elimination of another dreadful tax, the Gift Tax.
My dad, a blue-collar machinist for most of his life, told me about its impact a few days ago. Once in while, he’ll receive a bonus or profit-sharing check. But 42% or so is taken right off the top. So if he is awarded with an extra $1,000 for example, $420 is gone before he even sees it.
Now I raise this issue because all of the presidential candidates, be they Democrats or Republicans, are trying to come up with viable strategies to boost the economy. And what better way than to eliminate the Gift Tax? That $420 or so that is taken off the top of a $1,000 check can buy a new desktop computer; groceries for a month or two depending on the size of one’s household; a small vacation; go to charity; pay off or pay down bills; go toward savings/investments; or any of a million other things we can think of. The point I’m trying to make here is that if the Gift Tax were eliminated, that extra money would really go a long way in boosting the economy. While $420 may not seem like a lot, look at the bigger picture…it really adds up if millions upon millions of workers across the country each have an extra $420.
While I love Romney’s positions on the taxes I named above, his master plan is missing a key element, perhaps even the centerpiece.
Governor Romney, please call for abolishing the Gift Tax.
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