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Transition 2012

A guide to foreign policy and the 2012 U.S. presidential transition.

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Economy Update: Romney Advisers Tout Tax Plan

by Newsteam Staff
August 3, 2012

Workers build a scaffolding on the west side of the White House in Washington, July 27, 2012 (Larry Downing/Courtesy Reuters). Workers build a scaffolding on the west side of the White House in Washington, July 27, 2012 (Larry Downing/Courtesy Reuters).

After a week of foreign travel, Republican presidential hopeful Mitt Romney’s campaign is pushing his economic philosophies, touting a new tax plan they say will create 12 million jobs in the next four years (AP).

A draft white paper by four of Romney’s economic advisers released Thursday (HuffPost) says the candidate’s policies would create 250,000 new jobs per month for the U.S. economy, translating into millions of jobs by the end of his first term if elected.

“The Romney economic program will change the direction of policy to focus on economic growth,” the advisers wrote. “Its pro-growth effects will work in two basic ways: It will speed up the recovery in the short run, and it will create stronger sustainable growth in the long run.”

In a Wall Street Journal op-ed, Romney adviser Glenn Hubbard lays out Romney’s four-pillar plan for “an economic U-turn,” including reducing federal spending; reforming individual, capital gains, and corporate tax codes; reducing Social Security and Medicare benefits for affluent seniors; and easing government regulation in a variety of sectors, from energy to banking to healthcare.

President Barack Obama’s campaign, meanwhile, has been sticking to his economic message of improving opportunities for the middle class and pushing for continuing tax cuts for those making less than $250,000 per year.

At Newsday, Robert B. Reich, former labor secretary for President Bill Clinton, writes that neither Obama nor Romney is willing to take chances on the campaign trail by offering serious, sweeping economic proposals that could change the tide of the current recovery.

For more on the candidates’ stances, check this issue tracker on The Candidates and the Economy.

Suggested Other Reading:

In March, the Harvard Business School’s David A. Moss examined the problems the current political polarization causes for U.S. competitiveness abroad and offered his take on fixing the political system.

Chuck Marr and Chye-Ching Huang with the Center on Budget and Policy Priorities write that tax reforms “could become a trap” if the legislation is not carefully written.

– Gayle S. Putrich, Contributing Editor

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